GKN Aerospace2010-07-19 06:18:59

GKN Aerospace gains USD1.5bn in new business in first half of 2010

- Growth brings over a decade of new work as the Company moves to double turnover again.

In the first six months of 2010 a number of major long term contract wins have brought USD1.5 billion worth of new business into GKN Aerospace - with development and production activity taking the Company through the next decade and beyond.

New agreements include two ten year Long Term Agreements (LTA), one with Rolls-Royce and a second with Pratt and Whitney, a five year LTA with GE Aviation and a life of programme contract with Airbus extending the Company's activity on the A350 XWB. Already announced in the first quarter were important wins on the Bombardier CSeries and the F35 Lightning II aircraft.

Marcus Bryson, Chief Executive of GKN Aerospace comments: "These wins demonstrate our success in growing the company to a size and scale that enables us to contribute as an effective long term programme partner for both the airframe and engine primes. We offer a valuable combination of world-leading technological expertise and sound financial strength and stability. This will support our growth objectives in the future."

The USD300m Rolls-Royce agreement requires the manufacture of a range of highly complex flight critical engine structures that have previously been produced only by the engine prime themselves. This agreement extends for a decade and covers items for the Trent 700 and 1000 engines.
The USD360m Pratt and Whitney 10 year agreement is for high performance titanium engine ducts for the F135 engine for the Joint Strike Fighter aircraft. These complex structures will be required to operate in one of the most severe environments in the aviation world, functioning at extremely high temperatures.

The USD300m 5 year agreement with GE Aviation covers the supply of flight critical, aluminium and titanium components for a range of engines including the GEnx-1B as well as the CFM56 and GP7200 engine families for both Boeing and Airbus aircraft.

The agreements for the Airbus A350XWB cover the development and supply of all the composite elements of the aircraft's outboard and inboard landing flaps. This is a significant extension to GKN Aerospace's existing activity on the wing of this aircraft, where the Company is already supplying the composite rear spar and fixed trailing edge assemblies.
These agreements follow wins announced in February and March this year valued at a total of USD300m. These comprise a USD100m contract for composite winglets for the Bombardier CSeries aircraft, adding to existing winglet design and manufacture for the Boeing 767-300ER and 737-300/500 aircraft. And a USD200m win covering the supply of a variety of both composite and metallic components for the F-35 Lightning II. This contract, along with the Pratt and Whitney agreement above, increases activity on the F-35 that already includes the supply of the all-composite engine fan inlet case and the optically critical cockpit transparency system.

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