Kaman Corp. (NYSE:KAMN) today announced that it has entered into a contract with General Dynamics Canada to remanufacture and upgrade four Kaman SH-2G Super Seasprite aircraft and provide support for the operation of a fifth aircraft for the Peruvian Navy. The program value to Kaman is expected to exceed $40 million.
Gregory Steiner, President Kaman Aerospace Group said, “We are very pleased to support this effort to provide the Peruvian Navy with the advanced capabilities of the Super Seasprite. This is an important milestone for Kaman as it will extend the length of the SH-2 program and provide additional long-term service and support revenues. In fact, upon delivery of these five aircraft to Peru, the SH-2 flying fleet will have grown by more than 40% in less than three years. We are pleased that Peru will become the latest military to place its confidence in the SH-2 platform and Kaman.”
The aircraft are being transferred through a Memorandum of Understanding between, the Peruvian Ministry of National Defense and the Government of Canada’s international government-to-government contracting organization, the Canadian Commercial Corporation (CCC). General Dynamics Canada is under contract with the CCC to lead this program and provide the Integrated Mission System for the aircraft.
“We are pleased to be working with Kaman Corporation on this important program” said Brian Fava, Vice President General Dynamics Canada. “The successful delivery of this upgraded aircraft will greatly enhance the Peruvian Navy’s ability to conduct modern maritime missions.”
The SH-2G Super Seasprite is an advanced maritime weapon system and proven day/night/all-weather multi-mission helicopter. Originally designed to meet the exacting requirements of the U.S. Navy, the SH-2G Super Seasprite has the highest power-to-weight ratio of any maritime helicopter, assuring a safe return-to-ship capability even in single-engine flight conditions. Its robust design, outstanding stability, and excellent reliability have been proven through more than 1.5 million flight hours. The SH-2G is a multi-mission maritime weapon system designed to fulfill anti-submarine warfare (ASW), anti-surface warfare (ASuW), over the horizon targeting, surveillance, troop transport, vertical replenishment, search and rescue, and utility missions. It is the largest, most powerful small ship helicopter in use today and is recognized for its mission effectiveness, support, and unmatched performance. The SH-2G Super Seasprite is currently operated by the Royal New Zealand Navy, the Egyptian Air Force and the Polish Navy.
Risks Associated with Forward-Looking Statements
This release includes “forward looking statements” relating to the estimated value of the contract discussed above. These statements are based on assumptions currently believed to be valid, but they 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 and industrial distribution markets. The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; and support for the company’s SH-2G Super Seasprite maritime helicopters and K-MAX medium-to-heavy lift helicopters. The company is a leading distributor of industrial parts, and operates more than 200 customer service centers and five distribution centers across North America. Kaman offers more than four million items including bearings, mechanical power transmission, electrical, material handling, motion control, fluid power, automation and MRO supplies to customers in virtually every industry. Additionally, Kaman provides engineering, design and support for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management. More information is available at www.kaman.com.
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