- Pylon, nacelle system and engine buildup work is expected to generate
$600 million in revenue
CHARLOTTE, N.C., June 17 /PRNewswire-FirstCall/ -- Goodrich Corporation
(NYSE: GR) has received production contracts from Lockheed Martin and General
Electric Aircraft Engines (GEAE) to supply pylons and nacelle systems for the
U.S. Air Force C-5 Galaxy strategic airlifter Reliability Enhancement and
Re-engining Program (RERP). Goodrich content is expected to generate $600
million in revenue for the 49 aircraft planned to be upgraded in the RERP,
excluding any aftermarket revenue. Work will be performed by Goodrich's
Aerostructures teams in Chula Vista and Riverside, Calif. and Foley, Ala.
The Lockheed Martin contract calls for Goodrich to supply 36 pylons for
nine aircraft in the RERP. Pylons - the structures that attach the propulsion
system to the aircraft's wing - are to be delivered in early 2009 through
2011. Follow-on contracts are expected to cover an additional 160 pylons for
the remaining 40 aircraft planned in the RERP.
Under the GEAE contract, Goodrich is expected to supply 196 nacelle
systems to house the GE CF6-80C2 engines that will power all 49 C-5Ms in the
RERP. In addition, Goodrich will perform engine buildup activities to ready
the CF6s for installation; activities include installation of the hydraulic,
pneumatic and electrical systems. Nacelle system deliveries are expected to
begin in late 2009 and continue into 2015.
"Goodrich has been a key participant in the C-5 RERP program since its
inception in 2000," said Greg Peters, President, Goodrich Aerostructures.
"This critical modernization program is an important part of the Goodrich
military business growth strategy. Our teams in Alabama and California look
forward to leveraging our strong capabilities in the commercial nacelles
business to satisfy our military customer."
Each Lockheed Martin C-5M transport aircraft will be powered by four GE
CF6-80C2 engines; each engine requires a nacelle system and pylon. The U.S.
Air Force currently plans to re-engine 49 of its fleet of 111 C-5 aircraft
through the year 2015.
The C-5 fleet has been the backbone of strategic airlift in every
engagement since it entered service. It is the only aircraft capable of
carrying 100 percent of certified air-transportable cargo, with a dedicated
passenger compartment enabling commanders to have troops and their equipment
arrive in an area of operation simultaneously. The C-5 can carry twice the
cargo of other strategic airlift systems. With more than 70 percent of its
structural service life remaining, the C-5M Super Galaxy will continue to be a
force enabler through 2040.
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.
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 products and services purchased
under the contracts; potential cancellation of orders by customers; and
changing priorities or reductions in the U.S. defense budget which could
affect the viability of the C-5 RERP program. 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, 2007 and the company's quarterly report on
Form 10-Q for the quarter ended March 31, 2008.
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.
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.
SOURCE Goodrich Corporation; GR - Nacelles and Interior Systems
CONTACT: Laurie Tardif, +1-704-423-7048, or Lisa Bottle, +1-704-423-7060,
both of Goodrich Corporation
