3-Aug-2010 Source: EDAC Technologies
EDAC Technologies Corporation (Nasdaq: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today announced that it has signed a multi-year agreement to supply a major rotating component for a leading manufacturer of rotorcraft.Â The agreement has an initial term of three years, with an option for an additional two-year extension, and is valued at approximately $5.3 million during the initial three-year period.
The Company noted that with this agreement its backlog has increased to a record $140 million.
“This significant multi-year agreement represents our first contract ‘win’ in the market for rotorcraft parts.Â It reflects our strategy of targeting markets beyond our traditional engine components business, in order to diversify the Company’s revenue base and expand upon our strengths in precision aerospace parts manufacturing.Â Rotorcraft parts represent just one of many developmental areas in which we are investing, and which we believe will contribute to our future profitable growth.Â I congratulate the EDAC AERO team on this tremendous achievement,” said Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies Corporation.
About EDAC Technologies Corporation
EDAC Technologies Corporation is a diversified manufacturing company serving the aerospace and industrial markets.Â In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines.Â Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision spindles, which are an integral part of machine tools found in virtually every manufacturing environment. EDAC’s core competencies include extensive in-house design and engineering capabilities, and facilities equipped with the latest enabling machine tools and manufacturing technologies.