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."
Forward-Looking and Cautionary StatementsExcept for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Cytec’s filings with the Securities and Exchange Commission. Corporate Profile Cytec’s vision is to deliver specialty chemical and material technologies beyond our customers’ imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics.