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LMI Aerospace, Inc. Announces Company to Supply Gulfstream's New Business Jets
ST. LOUIS, Oct. 20, 2014 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (Nasdaq:LMIA), a leading aerostructures and engineering services provider to the commercial, business and regional, and military aerospace, today announced that the company has secured contracts to supply both bonded fuselage panels and numerous detail parts for Gulfstream Aerospace Corporation's recently announced new business jets. The multi-year contracts are expected to yield significant revenue for the company.
"LMI has a long and productive history with Gulfstream. We are excited to have another opportunity to work with such a valued customer on this new and innovative program," said LMI Chief Executive Officer Dan Korte. "This program is a unique fit with our capabilities and level of expertise in the aerostructures market."
These contracts further extend the longstanding relationship LMI has enjoyed with Gulfstream. Under the new agreements, LMI will produce structural assemblies, skins and components for both the Gulfstream G500 and G600 business jets.
To accommodate the new work, LMI added 60,000 sq.ft. to its Tulsa, Oklahoma, facility for processing, machining and assembly. Additional capital improvements at the LMI facility in Vista, California, have provided the necessary capacity for the program's stretch forming and metal fabrication requirements.
LMI has contracted with NORDAM to provide the metal bonding process for the fuselage and vertical tail panels. "NORDAM is a key supplier and we appreciate the opportunity to partner with them on the Gulfstream program," CEO Korte said.
The new Gulfstream business jets can fly 5,000 nautical miles for the G500 and 6,200nm for the G600. Both will carry up to 19 passengers and feature an industry-leading cabin altitude of 4,850 ft at FL510. The G500 is scheduled to launch in 2018 and the G600 is projected for 2019.
LMI Aerospace, Inc. (Nasdaq:LMIA), is a leading supplier of aerostructures, engineering services, and structural testing to the commercial, business and regional, and military aerospace markets. For more than 65 years, LMI has provided solutions to its customers' most challenging problems across the entire aerospace industry. From manufacturing more than 40,000 products for integration into a variety of aircraft platforms to supporting aircraft product lifecycles and fleet support via complete turnkey engineering capabilities, LMI offers complete, integrated solutions in aerostructures, engineering and program management services. With "A Higher Level of Performance," LMI ensures every customer interaction and touch point is met with a commitment to deliver the highest-quality products, best customer service and the most outstanding value in the industry. Based in St. Louis, LMI has operations in 27 locations across the U.S. as well as internationally in Australia, Mexico and Sri Lanka. For more information go to www.lmiaerospace.com.
CONTACT: Media Contact: Deb Guse 816-423-5603