BELLEVUE, WA--(Marketwired - Jun 16, 2015) - Esterline Corporation (NYSE: ESL)
- Long-term agreement supports UTC's forecasted aerospace production ramp-up
- Esterline's key new awards from UTC include the Embraer E-jet E2, Mitsubishi MRJ, Sikorsky S-92®, Airbus A350 and Boeing 787
- Commitment to UTC's Supplier Gold program, contractual governance and UTV2 program were key to this long-term agreement
Esterline Corporation (NYSE: ESL) (www.esterline.com) and United Technologies Corp. (NYSE: UTX) today announced that they have finalized a long-term supply agreement to support production at UTC's aerospace businesses.
The UTV2 long-term supply agreement secures contracts for critical engineered items required by UTC at its aerospace business units, Pratt & Whitney, Sikorsky and UTC Aerospace Systems, on key programs including E2, MRJ, S-92, A350 and B787. This agreement positions Esterline to become a preferred source to UTC and its aerospace business units for products from all three Esterline business segments: Advanced Materials; Sensors & Systems; and Avionics & Controls.
"This is an important step in further developing our long-standing relationship with UTC. We are very pleased to have been selected to design and manufacture critical components and systems on key programs like E2, MRJ, B787, S-92 and A350," said Curtis Reusser, Chairman, President and CEO of Esterline, adding, "We appreciate that UTC recognizes the value we bring to the partnership and these programs, and this agreement will allow us to continue growing our business with UTC in a mutually beneficial manner."
In addition to signing a long-term agreement, Esterline Technologies is actively engaged in the UTC Supplier Gold program and committed to the UTV2 cost-savings initiative and UTC Contract Governance program, which sets high standards for quality and on time delivery.
Sam Abdelmalek, Vice President, Global Supply Management and Integration, United Technologies, said, "We are very pleased to announce this agreement with Esterline and commend them for their commitment to meeting UTC's high standards for quality and performance, as well as contractual governance and UTV2 savings. UTC's aerospace businesses are well positioned for growth over the coming years. Suppliers like Esterline, who commit to our new contractual standards, meet our demanding performance requirements and satisfy our UTV2 cost-savings initiatives, will have the opportunity to share in this growth for years to come."
Esterline Corporation is a leading worldwide supplier to the aerospace and defense industry specializing in three core areas: Advanced Materials; Avionics & Controls; and Sensors & Systems. Operations within the Advanced Materials segment focus on technologies including high-temperature-resistant materials and components used for a wide range of military and commercial aerospace purposes, and combustible ordnance and electronic warfare countermeasure products. Operations within the Avionics & Controls segment focus on technology interface systems for commercial and military aircraft and similar devices for land- and sea-based military vehicles, cockpit integration systems, secure communications systems, specialized medical equipment, and other high-end industrial applications. The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, specialized harsh-environment connectors, electrical power distribution equipment, and other related systems principally for aerospace and defense customers.
United Technologies Corp., based in Hartford, Connecticut, provides high-technology systems and services to the building and aerospace industries. To learn more about UTC, visit the website at www.utc.com or follow the company on Twitter: @UTC.
Statements contained in this press release regarding future events or performance, other than recitation of historical facts, are forward-looking statements. These statements are identified by words such as "may," "will," " begin," " look forward," "expect," "believe," "intend," "anticipate," "should", "potential," "estimate," "continue," "momentum" and other words referring to events to occur in the future. These statements reflect the Company's current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, including, but not limited to, the state of the world financial, credit, commodities and stock markets, and uncertainties regarding the Company, its businesses and the industries in which it operates, which are described in the Company's filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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