SALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that Spincraft, the company’s engineered products metal fabrication business unit, has received a long-term contract from UTC Aerospace Systems – Aerostructures to produce single-piece lipskins for the nacelles on the Airbus A320neo, one of the largest selling commercial aircrafts in the world. The contract also includes continued requirements for the lipskins on the Bombardier CSeries and Mitsubishi Regional Jet. The contract with UTC Aerospace Systems is for the life of the A320neo program, and has an approximate value of up to $38 million to $40 million.
Under the terms of the agreement, Spincraft will produce single-piece, aluminum lipskins for the A320neo nacelles built by UTC Aerospace Systems’ Aerostructures business. The nacelles are integrated with aircraft engines produced by Pratt & Whitney. Spincraft’s single-piece formed lipskins offer improved aerodynamics over multi-piece lipskins. The lipskin is the aluminum inlet piece located at the very front of the airflow passage into the engine.
“This new contract with UTC Aerospace Systems – Aerostructures for the Airbus A320neo marks our first entry into the large-body single-aisle commercial aircraft market and creates the potential for additional orders from other large-body manufacturers,” said Len Paolillo, President of Standex’s Engineering Technologies group.1 “It is our goal and a priority to continue to support the industry and UTC Aerospace Systems on gaining improvements in all aspects of the manufacturing process for these critical components. We are pleased that UTC Aerospace Systems has chosen Spincraft to extend our relationship with them.”
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Engineering Technologies Group, Engraving Group, Electronics Products Group, and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India and China. For additional information, visit the Company’s website at www.standex.com.
1Safe Harbor Language
Statements in this news release include, or may be based upon, management's current expectations, estimates and/or projections about Standex's markets and industries. These statements are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may materially differ from those indicated by such forward-looking statements as a result of certain risks, uncertainties and assumptions that are difficult to predict. Among the factors that could cause actual results to differ are the impact of implementation of government regulations and programs affecting our businesses, unforeseen legal judgments, fines or settlements, uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically increases in raw material costs, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2013, which is on file with the Securities and Exchange Commission, and any subsequent periodic reports filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.