BLOOMFIELD, Conn.--(BUSINESS WIRE)--Kaman Corp. (NYSE:KAMN) announced today that its Aerospace segment has been awarded a direct commercial sale (“DCS”) order for the procurement of Joint Programmable Fuzes (“JPF”) with an expected total value of $48.6 million.
"Our allied foreign militaries continue to recognize the advanced capabilities, mission flexibility, and high reliability of the JPF. Our ability to increase our production capacity has allowed us to continue to meet the strong multi-year demand for the JPF from the U.S. Air Force (“USAF”) and foreign militaries, and we look forward to continuing to support the requirements of these customers into the future," 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 thirty-six other nations. Sales of the JPF can be direct to the USAF, Foreign Military Sales ("FMS") through the U.S. Government (“USG”) and DCS to foreign militaries that, although not funded by the USG, require regulatory approvals from the USG prior to delivery. 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 used with 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 2000, Tornado, F/A-18, 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 of the JPF order discussed above. These statements are based on assumptions currently believed to be valid but involve significant risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ from those expressed in the forward looking statements. Such risks and uncertainties include, among others, the timely receipt of all necessary licenses and approvals from the USG. Additional risks and 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.
About Kaman Aerospace Group
Kaman Aerospace is a division of Kaman Corporation (NYSE:KAMN), which was founded in 1945 by aviation pioneer Charles H. Kaman. Headquartered in Bloomfield, Connecticut, Kaman Corporation conducts business in the aerospace and distribution markets. With 14 facilities worldwide and fully one-third of employees located outside of the U.S., Kaman Aerospace is truly a global organization. Kaman’s latest locations are in Rimpar, Germany and Prachatice, Czech Republic, where GRW, acquired by Kaman in 2015, designs and manufactures super precision, miniature ball bearings. Kaman Aerospace also produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for the commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; production of the K-MAX® medium-to-heavy lift helicopter and support for the company's SH-2G Super Seasprite maritime aircraft. More information is available at www.kaman.com.