Defense Stock Alert: Exelis (NYSE: XLS) awarded contract from Boeing for composite tank systems
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SALT LAKE CITY - November 1, 2013 (Investorideas.com Newswire) Exelis (NYSE: XLS) has been awarded a multi-year contract from The Boeing Company to produce advanced composite vacuum waste tank systems for use on a variety of Boeing commercial aircraft models. Production of the tank systems will take place in Salt Lake City , Utah.
"It further demonstrates our proven ability to meet the high-rate production requirements of our customer and the commercial aerospace industry."
Exelis will fabricate, assemble and complete final testing of the integrated composite waste tank assemblies for the Boeing 737, 747, 767 and 777 airplanes. Using its low-cost filament winding expertise and proven assembly techniques, Exelis expects to supply more than 4,800 vacuum waste tank systems, including spares and aftermarket support, through 2021.
"This contract leverages our core strengths and capabilities in composite design, manufacturing and assembly," said Mike Blair, vice president and general manager of the Exelis Aerostructures business. "It further demonstrates our proven ability to meet the high-rate production requirements of our customer and the commercial aerospace industry."
Exelis has been a supplier of composite vacuum waste tank systems to Boeing since 1980 and has produced more than 16,000 systems to date. Aerostructures is one of four strategic growth platforms – others include critical networks, ISR & analytics and electronic warfare – in which Exelis sees opportunity for potential growth over the next several years.
Exelis is a diversified, top-tier global aerospace, defense, information and services company that leverages a 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. We are a leader in timing and navigation, sensors, air traffic solutions, image processing and distribution, communications and information systems, logistics and technical services; and we are focused on strategic growth in the areas of critical networks, ISR and analytics, electronic warfare and composite aerostructures. Headquartered in McLean , Va. , Exelis employs about 19,000 people and generated 2012 sales of $5.5 billion. For more information, visit our website at www.exelisinc.com or connect with us on Facebook, Twitter and YouTube.
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