Avcorp Industries Inc. (TSX: AVP) (the "Company", "Avcorp" or the "Avcorp Group") is pleased to announce that further to the contract award from Lockheed Martin announced on October 15, 2015 for the expanded scope on the F-35 Carrier Variant Outboard Wing ("CV OBW"), Avcorp has received a firm order for the remaining units in the next two production phases, referred to as Low Rate Initial Production ("LRIP") nine and LRIP ten.
Avcorp's established New Product Introduction ("NPI") process will ensure the successful knowledge and skills transfer from Lockheed Martin, required for the intricate work of paint preparation and complex installation of control surfaces and systems such as the outboard leading edge flaps, ailerons, fairings and sub-systems. The NPI planning phase is nearing completion and production will begin in the second quarter 2016. The delivery of the first shipset to Lockheed Martin's Final Assembly and Check Out facility in Fort Worth, Texas , USA is on-schedule for the third quarter 2016, with subsequent confirmed orders extending out to 2018.
"We are excited with the recent collaboration efforts between Lockheed Martin and Avcorp. The resulting increases in efficiency and cost savings to the F-35 Program are a testament to the types of synergy opportunities available to our customers. With the recent acquisition of key composite manufacturing capabilities through our new subsidiary, Avcorp Composite Fabrication ("ACF"), we are in discussions with Lockheed Martin to further expand our role on the F-35 Program," said Peter George , Avcorp Group's CEO.
Source: Avcorp Industries Inc.
Date: Apr 16, 2016