New orders for JPF over the last year increase to almost $500 million
Kaman Corp. (NYSE:KAMN) announced today that its Aerospace segment received its first order under Option 14 of its current Joint Programmable Fuze (JPF) contract with the U.S. Air Force (USAF). This order has an expected value of approximately $69 million for the procurement of JPFs for the USAF and 10 foreign militaries.
“The JPF continues to provide our customers with increased mission flexibility and high levels of reliability and we look forward to supporting the USAF under this contract. With this award, we have added almost $500 million of new JPF orders to backlog over the last year. Looking ahead, we are prepared to support the USAF on their future JPF needs, while continuing to pursue significant foreign opportunities that will ensure the JPF remains a strong contributor for years to come,” stated
Richard Barnhart, President, Kaman Aerospace Group.
Kaman has been the sole provider of the JPF to the USAF since 2002. In addition to the USAF, Kaman provides the JPF to twenty-eight other nations. The JPF allows the settings of a weapon to be programmed on wing in flight and is the current bomb fuze of choice of the USAF. The JPF is qualified for use on a number of weapons including general purpose bombs, and guided bombs that use JDAM or Paveway kits, on U.S. aircraft such as F-15, F-16, F-22, F-35, A-10, B-1, B-2, B-52 and the MQ-9 UAV as well as on international aircraft such as Mirage 3 and Gripen. Kaman produces the JPF at facilities in Orlando, Florida, and Middletown, Connecticut.
Risks Associated with Forward-Looking Statements
This release includes “forward looking statements” relating to the expected value and timing of the JPF contract discussed above. These statements are based on assumptions currently believed to be valid but involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements.
Important uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.
Credits: Kaman Corp.