Aerospace and industrial parts manufacturer EDAC Technologies Corp. reported it has entered into a multi-year contract to supply a “major rotating component” for a rotorcraft manufacturer. The initial term of the contract is three years, and an option would provide a two-year extension. The initial term is valued at $5.3 million, EDAC indicated.
"This significant multi-year agreement represents our first contract 'win' in the market for rotorcraft parts,” stated EDAC president and CEO Dominick A. Pagana. “It reflects our strategy of targeting markets beyond our traditional engine components business, in order to diversify the company's revenue base and expand upon our strengths in precision aerospace parts manufacturing.”
EDAC Technologies is a holding company for several operations that manufacture engineered products for aerospace and commercial industrial markets. Its aerospace divisions manufacture complex structural and rotating components for aircraft engine producers. The commercial divisions designs and manufacture parts for machine tool and aerospace manufacturers, including tooling, jigs, fixtures and spindles. It also services milling, turning, and grinding machines.
Pagano said the rotorcraft parts segment represents one of several “developmental areas” in which EDAC is investing, expecting it will contribute to future profitability.
The new contract brings EDAC’s order backlog to a record $140 million.