Kaman Corp. (NYSE:KAMN) announced today that it received an order under Option 16 of its Joint Programmable Fuze (“JPF”) contract with the U.S. Air Force (“USAF”). This order has an expected value of approximately $43 million for the procurement of JPFs for foreign militaries.
"The U.S. Government executed Option 16 of our JPF contract which will add $43 million to backlog with deliveries expected to begin in 2022. The JPF provides high levels of mission flexibility and reliability all while supporting a broad range of aircraft and munitions technologies. Over the last few years, we have worked hard to maintain our high level of quality and on time delivery. We look forward to continuing to support U.S. Government requirements while pursuing new opportunities, “stated Darlene Smith, President of Kaman Air Vehicles and Precision Products.
Kaman has been a provider of the JPF to the USAF since 2002. In addition to the USAF, Kaman provides the JPF to forty other nations. The JPF allows the settings of a weapon to be programmed in flight and 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, Fla., and in 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.
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our K-MAX® manned and unmanned medium-to-heavy lift helicopters. More information is available at www.kaman.com.
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