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IBC Advanced Alloys wins $9.7 million with two new orders from Lockheed Martin for the F-35 Lightening II Aircraft

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One purchase order involves production of the azimuth gimbal housing unit used in the F-35’s Electro-Optical Targeting System. IBC has manufactured this part for Lockheed Martin since 2015 using the company’s high-performance Beralcast ® beryllium-aluminum investment cast alloy. In a new development, Lockheed Martin also awarded IBC an order to produce a second part for the F-35 – the gimbal mounting ring – which is also used in the Electro-Optical Targeting System.

Additional Information:

Company: IBC Advanced Alloys
Website: http://www.IBCadvancedalloys.com
Stock Symbol: TSXV:IB
Date Published: Dec 9, 2020
Transcript: Available

Video Transcript:

I’m Ashton Addison for Investmentpitch Media

IBC Advanced Alloys, a leading beryllium and copper advanced alloys company, has won $9.7 million in new orders with two new orders from Lockheed Martin.

One purchase order involves production of the azimuth gimbal housing unit used in the F-35’s Electro-Optical Targeting System.

IBC has manufactured this part for Lockheed Martin since 2015 using the company’s high-performance Beralcast ® beryllium-aluminum investment cast alloy.

In a new development, Lockheed Martin also awarded IBC an order to produce a second part for the F-35 – the gimbal mounting ring – which is also used in the Electro-Optical Targeting System.
IBC worked in close partnership with Lockheed Martin in developing a process for producing the ring using the company’s innovative investment casting technology.

The total value of the new purchase order is approximately US$9.7 million over 26 months, which represents a 24 percent increase over previous three-year purchase order from Lockheed Martin.

For those of us unfamiliar with beryllium, it is a rare metal with several unique characteristics.

For example, weight by weight, it is stiffer than steel, with excellent thermal conductivity.

Mark Smith, CEO and Chairman, stated: “These purchase orders represent a significant increase in sales for the Company’s beryllium-aluminum business, and that has been a key goal of our business growth strategy. The award by Lockheed Martin of a new component for the F-35 illustrates the cost-effectiveness of using beryllium-aluminum investment castings for a variety of applications in both defense and commercial sectors. IBC’s production expertise allows us to produce these mission-critical parts in a way that delivers cost savings to Lockheed Martin and to the Department of Defense. Mission #1 at IBC is performance, performance, performance. Our success in expanding our book of business with Lockheed Martin illustrates what can be done with a relentless focus on performance, and I am very proud of the team’s success in this effort.”

Ben Rampulla, President of IBC’s Engineered Materials Division, added: "A lot of hard work by the IBC team and by our customer Lockheed Martin was invested in developing a process for producing the gimbal mounting ring using investment cast technologies, and I am very pleased that we achieved this significant milestone. IBC’s high-performance beryllium-aluminum casting alloys are able to deliver the cutting-edge performance that the F-35 platform requires. We look forward to continuing to serve Lockheed Martin’s needs and to expand that business as opportunities allow.”

Based in Franklin, Indiana, the company has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri.

IBC's Copper Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze.

IBC's Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter.

IBC serves a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others.

In addition to Lockheed Martin, its clients include NASA, Raytheon and Caterpillar.

The shares are trading at $0.22.

For more information, please visit the company’s website www.IBCadvancedalloys.com, contact Jim Sims, Director of Investor and Public Relations, at 303-503-6203 or by email at jim.sims@IBCadvancedalloys.com.

I’m Ashton Addison for Investmentpitch Media