CHARLOTTE, N.C., Jan 05, 2010 /PRNewswire-FirstCall via COMTEX/ -- Goodrich Corporation (NYSE: GR) has received a $49 million contract from Northrop Grumman Shipbuilding to provide a number of composite components for the next eight Virginia Class nuclear fast attack submarines, collectively referred to as Block III.
- Contract award is valued at $49 million over five years
Goodrich's Engineered Polymer Products team in Jacksonville, Fla. is building components to support the construction of one ship per year in 2009 and 2010, rising to two ships per year from 2011 through 2013. The components include the bow dome, and sonar and weapons equipment.
"These contract awards continue the core work that is the foundation of our submarine business," said Jim Pollock, vice president for Goodrich's Engineered Polymer Products team. "We have been able to expand our composite product content on the Virginia-class Block III multi-year buy, and will remain focused on securing additional content for Block III as well as developing composite solutions for Virginia-class Block IV and the Ohio-class replacement submarine. We will continue to invest in our people, processes and technology to provide innovative world-class solutions for submarines."
The Virginia-class submarines are the first U.S. Navy combatant designed for the post-Cold War era. Unobtrusive, non-provocative and connected with land, air, sea and space-based assets, the Virginia-class submarines are equipped to wage multi-dimensional warfare around the globe, providing the U.S. Navy with continued dominance in coastal waters and the open ocean.
General Dynamics Electric Boat with its construction partner Northrop Grumman Shipbuilding has contracts to build a total of 18 Virginia-class ships; 30 ships are planned altogether.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com/.
Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.
GR - Nacelles and Interior Systems
Forward Looking Statements
Certain statements made in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's future plans, objectives, and expected performance. Specifically, statements that are not historical facts, including statements accompanied by words such as "believe," "expect," "anticipate," "intend," "estimate," or "plan," are intended to identify forward-looking statements and convey the uncertainty of future events or outcomes. The company cautions readers that any such forward-looking statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks, and actual results may differ materially.
Important factors that could cause actual results to differ include, but are not limited to the actual amount of product purchased by the customer and changing priorities or reductions in the defense budget in the U.S. Further information regarding the factors that could cause actual results to differ materially from projected results can be found in the company's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2008 and the company's quarterly report on Form 10-Q for the quarter ended September 30, 2009.
The company cautions you not to place undue reliance on the forward- looking statements contained in this release, which speak only as of the date on which such statements were made. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date on which such statements were made or to reflect the occurrence of unanticipated events.
SOURCE Goodrich Corporation; GR - Nacelles and Interior Systems