Agreement to produce JSF parts valued at approx. MNOK 460
Northrop Grumman Corporation (NYSE: NOC) has selected KONGSBERG (OSE: KOG) as a strategic partner to produce 5th generation composite components for the F-35 Joint Strike Fighter Program. Northrop Grumman is a principal partner of the Lockheed Martin-led F-35 industry team. The two companies signed the long-term framework agreement today. The current agreement is valued at approx. 460 Million NOK, and it has a potential value of 2,5 Billion NOK for the duration of the F-35 Program.
The new carbon fiber components that KONGSBERG will produce are highly complex and require close tolerance fabrication to meet the key performance parameters of the F-35 aircraft. The company's initial deliveries will support lot 3 low rate initial production aircraft, which will begin the program's transition to full rate production.
"KONGSBERG has made key capital investments that will enable them to meet the program's demanding quality requirements," said Ram Ramkumar, Northrop Grumman's Director of International Programs for the F-35. "The company's production capabilities are critical to the success of the F-35 program and we look forward to a long and mutually beneficial relationship".
KONGSBERG has recently received F-35 special process approvals that enable production of F-35 hardware, added Ramkumar. "This is an important milestone for KONGSBERG", says Harald Ånnestad, President of Kongsberg Defence & Aerospace. "The agreement is the result of hard work from both teams, and paves the way for years of close cooperation between our companies in this exciting programme".
The parts will be produced at the new 30 000 m2 plant built in Kongsberg. Production is currently in start-up and will last until 2015.
For further information, please see the stock exchange bulletin of 23 January 2007.
KONGSBERG (Ticker OSE: KOG) is an international, knowledge-based group that supplies high-technology systems and solutions to customers engaged in the oil and gas industry, the merchant marine, and the defence and aerospace industries. In 2008, KONGSBERG had a turnover of NOK 11 billion and 5 243 employees in more than 25 countries.
For further information, please contact: President Harald Ånnestad, mobile phone (+47) 920 60 087.
This information is subject of the disclosure requirements according to §5-12 Norwegian Securities Trading Act.