Cytec Industries Inc. (NYSE:CYT) announced today that its Engineered Materials business had signed a contract extension, covering the period from 2016 to 2020, with Lockheed Martin (NYSE: LMT) for the supply of high-performance, structural composite and adhesive materials used in the manufacture of the multinational F-35 Lightning II Program or Joint Strike Fighter (JSF). Cytec expects the contract extension to generate revenues of approximately $1.1 billion.
The JSF is the Department of Defense's focal point for defining affordable, next-generation strike aircraft for the Navy, Air Force, Marines, and international partnering with nine countries as US allies, constituting the largest U.S. military program in history, global in scope and daunting in complexity. The stealthy F-35 is a supersonic, multi-role fifth-generation fighter designed to replace AV-8B Harriers, A-10s, F-16s, F/A-18 Hornets and United Kingdom Harrier GR.7s and Sea Harriers. The JSF is approximately 42% composite by weight.
"Building on our long history of success on military programs such as the F/A-18E/F & G, F-22, C-17 and Global Hawk, Cytec’s scientists and engineers worked closely with Lockheed Martin and its subcontractors to develop engineered material solutions to meet the JSF program’s extremely demanding requirements," said Bill Wood, president of Cytec’s Engineered Materials business unit. "Through a collaborative approach, these solutions have been optimized to provide the right balance of performance and affordability. Cytec innovations are among several technologies enabling the exponential leap in fighter aircraft capabilities."
In meeting these challenging demands, Cytec supplies a deep and rich portfolio of more than 50 products to the JSF program including CYCOM® 5250-4, a bismaleimide (BMI) prepreg system known for performance-enhancing capability at high temperatures, industry standard CYCOM® 977-3, a toughened epoxy resin prepreg system and FM 309-1, a lightning strike protection surfacing film."Our heritage and involvement within the military aerospace market gives us great insight to the direction these customers are moving. These many years of collaboration and on-site customer support, research and hard work have resulted in an extensive and appropriately diverse Cytec product portfolio with numerous and required qualifications for military programs such as the JSF," said Shane Fleming, President and CEO Cytec Industries. “Cytec is very proud to play a role in enabling the design and performance of such leading-edge aircraft programs and looks forward to a continued and mutually beneficial relationship with Lockheed Martin."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV