AMITYVILLE, N.Y.--(BUSINESS WIRE)--
Exelis (NYSE: XLS) has successfully negotiated an agreement with Lockheed Martin Corp. to deliver carriage and release systems for the F-35 Lightning II. The combined value of the two low-rate initial production (LRIP) awards is approximately $60 million.
Already a supplier of carriage and release systems for the F-35, under the latest LRIP contracts Exelis will provide additional systems, including spare equipment, to all three variants of the aircraft.
“The F-35 will be the premier combat aircraft for the coming decades,” said Pete Martin, director of defense systems for the Exelis electronic attack & release systems business. “Our carriage and release systems provide the aircraft with the high-performance capability it needs to carry its mission payload while maintaining its low-observable profile.”
Delivery for the first contract is scheduled to begin in January 2014 and includes systems for 36 aircraft. The second lot is expected to commence in March 2015 with units and additional spares for 37 F-35s. The equipment provided meets all U.S. and international partner requirements.
Exelis is a diversified, top-tier global aerospace, defense, information and services company that leverages a 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. We are a leader in critical networks, ISR and analytics, electronic warfare, navigation, sensors, air traffic solutions, communications and information systems and have strong positions in composite aerostructures, logistics and technical services. Headquartered in McLean, Va., the company employs about 19,000 people and generated 2012 sales of $5.5 billion. For more information, visit our website at www.exelisinc.com or connect with us on Facebook, Twitter and YouTube.
- Investment & Company Information
Courtney Reynolds, 973-284-5382