ST. LOUIS, Aug. 26 /PRNewswire-FirstCall/ -- LaBarge, Inc. (AMEX:LB) has been awarded long-term contracts from Sikorsky Aircraft Corporation to provide wiring harnesses, printed circuit card assemblies and sensor assemblies for various models of UH-60 BLACK HAWK helicopters. The initial releases under the long-term contracts total more than $9 million, at least two-thirds of which is scheduled to ship in the Company's current fiscal year. Additional releases under the long-term contracts are expected.
Designed by Sikorsky, the BLACK HAWK is the U.S. Army's primary utility tactical transport helicopter, which is capable of a variety of missions including air assault, combat support, general support, aero-medical evacuation and special operations. The BLACK HAWK is equipped with advanced avionics and electronics systems and is part of the Army's long-term effort to modernize its medium-lift helicopter fleet. More than 1,500 BLACK HAWKs are used by active duty and National Guard units around the world.
Work on the program has begun at LaBarge's Huntsville, Ark., Joplin, Mo., and Tulsa, Okla., facilities.
"We are excited about this new business and proud to be selected by Sikorsky as a manufacturing partner on the BLACK HAWK program. These contracts are an excellent example of our success in developing new customers who desire LaBarge's broad-based capabilities and expertise in the electronics manufacturing services arena," said Craig LaBarge, chief executive officer and president.
Sikorsky Aircraft Corporation, based in Stratford, Conn., is a world leader in helicopter design, manufacturing and service. Sikorsky is a subsidiary of United Technologies Corporation (NYSE:UTX), of Hartford, Conn., which provides a broad range of high-technology products and support services to the aerospace and building systems industries.
LaBarge, Inc. is a broad-based provider of electronics to technology-driven companies in diverse markets. The Company provides its customers with sophisticated electronic products through contract design and manufacturing services. Headquartered in St. Louis, LaBarge has operations in Arkansas, Missouri, Oklahoma, Pennsylvania and Texas. The Company's Web site may be accessed at http://www.labarge.com/ .
Statements contained in this release relating to LaBarge, Inc. that are not historical facts are forward-looking statements within the meaning of the federal securities laws. Matters subject to forward-looking statements are subject to known and unknown risks and uncertainties, including economic, competitive and other factors that may cause LaBarge or its industry's actual results, levels of activity, performance and achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Important factors that could cause LaBarge's actual results to differ materially from those projected in, or inferred by, forward-looking statements are (but are not necessarily limited to) the following: the impact of increasing competition or deterioration of economic conditions in LaBarge's markets; cutbacks in defense spending by the U.S. Government; loss of one or more large customers; LaBarge's ability to replace completed and expired contracts on a timely basis; the Company's ability to integrate recently acquired businesses; the outcome of litigation the Company may be party to; increases in the cost of raw materials, labor and other resources necessary to operate LaBarge's business; the availability, amount, type and cost of financing for LaBarge and any changes to that financing; and other factors summarized in our reports filed from time to time with the Securities and Exchange Commission. Given these uncertainties, undue reliance should not be placed on the forward-looking statements. Unless otherwise required by law, LaBarge disclaims any obligation to update any forward-looking statements or to publicly announce any revisions thereto to reflect future events or developments. DATASOURCE: LaBarge, Inc.
CONTACT: Colleen Clements of LaBarge, Inc., +1-314-997-0800, ext. 409, or Web site: http://www.labarge.com/
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