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Numet announces successful award of several new long term agreements

Numet Machining Techniques, a manufacturer of precision metal components and assemblies for jet turbine engines, announced today that it has signed various Long Term Agreements ("LTAs") with three major customers in excess of $170 million. This will immediately increase Numet's backlog through 2020 to more than $250 million. Since Kidd & Company's acquisition of Numet in 2011, Numet's total order backlog has increased by more than 600%. These LTAs place Numet in most major engine markets, including GE Aviation's Leap, CFM-56, GE90, GENX, CF6-80, F110, F414 and various marine and industrial ("M&I") engine lines, as well as Pratt & Whitney models JSF, F100, GTF, Boeing Air Fuel Tanker and the GG8 & FT4000 M&I lines. Numet also supports the DOD directly on GE Aviation models F110, F414, and F101 as well as Pratt & Whitney's F100 and TF 33 engine programs.

"Every person here has been focused on expanding Numet's capabilities and to ready ourselves to support the huge increase in demand that is coming from those customers," said Mark Roscio, CEO of Numet. He added, "In particular, we have relocated to a world class facility, expanded our highly recognized engineering and quality control departments, added new capacity in VTL and 5 Axis milling centers, and increased our access to growth capital. The new LTAs are a testament to what we have been building here and what we will continue to build in the coming months and years to position ourselves as a world class supplier to our customers."

Joe Sartori, COO of Numet, added, "These long term agreements will add significant incremental revenue, but it doesn't stop there. They also provide an excellent mix of commercial, ground turbine and military engine components that reflect our expanding capabilities that include extremely complex parts and assemblies. These factors play a strong role in increasing our average revenue per part and highlight Numet as a leader in the aerospace manufacturing supply chain."

Tony Castor, Numet's Chairman of the Board and Managing Partner at Kidd & Company, commented, "We have been extremely pleased with the growth trajectory of Numet, and very impressed with the voracity of the team to execute on the strategic growth plan. Receiving these LTAs further solidifies the future of the Company and affirms our investment and commitment to the team there. We simply could not be prouder of them."

Press release issued by Numet Machining Techniques, Inc. on September 22, 2015

 

 Contact details from our directory:
Numet Machining Techniques, Inc. Engine Parts

 

 Related directory sectors:
Engine Components

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