Kaman Announces Joint Programmable Fuze Orders Totaling $54 M
Kaman Corp. (NYSE:KAMN) announced today that its Aerospace segment has been awarded three orders for the procurement of Joint Programmable Fuzes (JPF) with an expected total value of $54.0 million. The first award is an additional order with an expected value of $20.8 million under Option 12 of Kaman’s JPF contract with the U.S. Air Force (USAF). Delivery of the USAF fuzes is anticipated to occur in 2016 and 2017. The company has also received two direct commercial sale orders with an expected total value of $33.2 million for delivery in 2016.
"We believe the JPF is the most reliable bomb fuze in the arsenal of the U.S. military and its allies. No other existing bomb fuze has the functionality or provides the operational flexibility of the JPF, and Kaman is the only source of the product. With these awards our program backlog grows to a record high of almost $250 million and JPF production visibility extends into 2018. Given our backlog and strong worldwide demand for the fuze we have undertaken a significant expansion of our JPF production capacity in 2016 and beyond," stated Greg Steiner, President, Kaman Aerospace Group.
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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-six 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 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, 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.
Source : Kaman Corporation - view original press release