Lockheed Martin, A. M. Castle sign memorandum of agreement for F-35 JSF program extension

A. M. Castle & Co. a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, announced today that it recently signed a memorandum of agreement with Lockheed Martin to enter into a six-year contract extension for the F-35 Joint Strike Fighter (JSF) program. The contract extension contemplated by the memorandum of agreement is subject to the issuance of a purchase order by Lockheed Martin and would extend Castle's current contract through 2016 for the supply of aluminum plate and cut–to-size aluminum plate products and various value-added processing and collaborative supply chain management services. Based on the JSF program's current production schedule, the total potential value of the anticipated contract extension is estimated to exceed $300 million over the six-year term. Michael Goldberg, A. M. Castle's President and Chief Executive Officer, said: "We appreciate the opportunity that Lockheed Martin has given the Company to continue to provide aluminum plate and services in support of this critical defense program. We look forward to continuing to provide high-quality service to them." "The memorandum of agreement is a testament to the service commitment of the A. M. Castle team and to the breadth of our supply chain management services and solutions," said Blain Tiffany, President of Castle Metals Aerospace business. "We have worked with Lockheed Martin throughout the initial phases of the JSF program and appreciate the continued confidence in our ability to supply them and their program partners with products and services across North America, Europe, Turkey and Australia as the program moves into the initial production phase," added Tiffany. The program's current production schedule forecasts increasing production rates during the term of the anticipated contract extension, with full rate production beginning in 2016.