EDO Will Provide Services to UK Royal Air Force and Royal Navy
August 21 2006 - 8:24AM
Business Wire
EDO Corporation (NYSE: EDO) has received a long-term support
contract from the United Kingdom Ministry of Defence. Under the
terms of the contract, EDO will provide technical support, repair,
and procurement services for all Royal Air Force and Royal Navy
aircraft stores carriage-and-release systems and associated
ancillary equipment. The rapid support-supply contract, known as
Pillar 3, is valued between $20 and $30 million over the next five
years. "This is EDO's first major service-related contract in the
U.K. and represents a significant growth area with future expansion
opportunity," said James M. Smith, EDO's chief executive officer.
"This is an example of how we are combining our depth of
engineering capability, product knowledge, and robust management
systems to offer related professional services and to ensure future
military mission readiness." EDO will work directly with the Air
Launched Munitions Integrated Project Team. The project team
oversees in-service logistics support that is needed to meet the
operational and airworthiness requirements for all in-service
air-launched munitions and associated equipment within the military
services. EDO is the market leader in sophisticated
aircraft-armament carriage-and-release systems. For decades, EDO
has provided such equipment for the world's dominant jet fighters,
and is currently developing systems for future aircraft, including
the F-35 Joint Strike Fighter, as well as unmanned aircraft. EDO
designs and manufactures a diverse range of products for defense,
intelligence, and commercial markets. Major product groups include:
Defense Electronics, Communications, Aircraft Armament Systems,
Undersea Warfare, Integrated Composite Structures, and Professional
and Engineering Services. With headquarters in New York, EDO
(www.edocorp.com) employs 3,000 people worldwide. The company was
founded in 1925 and had revenues of $648 million in 2005.
Forward-Looking Statements Certain statements made in this release,
including statements about future sales, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations, estimates and projections about the company's
business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including those described above and the
following: changes in demand for the company's products and
services, product mix, the timing of customer orders and
deliveries, the impact of competitive products and services and
pricing, and other risks discussed from time to time in the
company's Securities and Exchange Commission filings and reports.
In addition, such statements could be affected by general industry
and market conditions and growth rates, and general domestic and
international economic conditions. Such forward-looking statements
speak only as of the date on which they are made, and the company
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release.
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