26 October 2001

JSF decision offers Smiths Aerospace $10 billion opportunity

Todays announcement that Lockheed Martin has been awarded the Joint Strike Fighter (JSF) program, is expected to bring Smiths Aerospace new business valued at more than $10 billion over the lifetime of the aircraft. Smiths Aerospace is a key supplier of electronic and mechanical systems to the Lockheed Martin program.

Contracts valued at around $1 million per aircraft have already been secured, with a number of systems contracts still to be awarded ahead of the aircraft's development phase. Smiths Aerospace holds high expectations of further success. Substantial additional business will follow, once the JSF has entered service, through spares support and system upgrade programmes.

Keith Butler-Wheelhouse, chief executive of Smiths Group commented, Smiths congratulates Lockheed Martin and its team members on this important win. This is clearly the biggest business opportunity ever for Smiths Aerospace, a reward for the advanced technologies we have developed. Our employees are now keen to apply their skills experience to make JSF a success.

Key systems from Smiths Aerospace on the JSF will include the Electrical Power System (teamed with Hamilton Sundstrand) and a number of electronic control systems including weapons control.

There are actuation packages and components included in the engine structure and other parts of the airplane. These systems will be developed and manufactured at Smiths Aerospace U.S. facilities in Florida, Michigan, New Jersey, Indiana and Washington and in the UK at Cheltenham and Wolverhampton.

Delivery of the systems will commence in 2003 during the engineering and manufacturing development phase. Low rate initial production will commence in 2006 with the first of six lots, consisting of 13 aircraft. Full-rate production of the aircraft will begin in 2010 continuing until 2026.

The JSF is the single most important new military aircraft to be produced over the next 30 years. The JSF market consists of 3,002 aircraft for the U.S. Air Force, U.S. Navy, U.S. Marine Corps, Royal Navy and Royal Air Force. Another 2,000 are expected to be sold for export.

ENDS