II-VI Inks $40M Deal
PITTSBURGH, Feb. 16, 2010 – Crystal growth technology company, II-VI Inc., announced an agreement between its subsidiary Exotic Electro-Optics and Lockheed Martin Missiles and Fire Control for the purchase of sapphire windows for the Joint Strike Fighter / F-35 Lightning II stealth fighter's Electro-Optical Targeting System (EOTS). The multi-year supply agreement is valued at $40 million.
According to the agreement, 100 percent of the sapphire windows funded under Low Rate Initial Production (LRIP) 3, 4 and 5, will be procured from Exotic Electro-Optics. Terms of the contract were not disclosed.
Purchase orders from this agreement will be reflected as bookings that are expected to be converted into revenues during the next 12 months.
“This agreement reflects our commitments to large format sapphire windows for Intelligence, Surveillance and Reconnaissance (ISR) applications, and to the JSF Program,” said Francis J. Kramer, president and CEO of II-VI. “It is the result of significant manufacturing technology development achieved through many years of hard work and collaboration with the Lockheed Martin team. The Joint Strike Fighter program is reaching a critical phase and production requirements will begin to increase rapidly. This agreement underscores our ability and desire to support the increased demand.”
For more information, visit: www.ii-vi.com
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