Lockheed Martin Awards Contract to Kitron for F-35 Work
(2016-10-25) Kitron has received a multimillion dollar contract from Lockheed Martin (NYSE: LMT) for production of Integrated Backplane Assembly (IBA) for the F-35 Low Rate Initial Production program, LRIP 11. Deliveries start this year and end in 2018.
The IBA is an advanced and complex high-level assembly.
"After years of supplying for the earlier stages of the low rate initial production program, it is good to see the volume increase to the quantities expected for full rate production," said Hans Petter Thomassen, Managing Director of Kitron Norway.
Norway is one of the international partner countries participating in the F-35 program. Under the manufacturing license agreement between Kitron and Lockheed Martin, Kitron will manufacture, test, maintain and repair the IBA in the F-35.
The F-35 Lightning II is a next generation fighter, combining advanced stealth with fighter speed and agility, advanced mission systems, fully fused sensor information, network-enabled operations and cutting-edge sustainment. Three distinct variants of the F-35 will replace various aircraft for the U.S. Air Force, Marine Corps and Navy, and 11 international countries.
For further information, please contact: Peter Nilsson, CEO of Kitron ASA, Tel: 47 948 40 850 Hans Petter Thomassen, Managing Director of Kitron Norway, Tel: 47 913 92 360 E-mail: firstname.lastname@example.org
Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Defence, Energy/Telecoms, Industry, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.95 billion in 2015 and has about 1 250 employees. www.kitron.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Kitron ASA via GlobeNewswire