Quickstep Holdings Limited, the manufacturer of advanced carbon fibre composites, today announced that it has signed a Memorandum of Understanding (MoU) with Lockheed Martin for a Long Term Flexible Contract (LTFC) associated with the ongoing supply of C-130J/LM-100J wing flaps for an additional five years, covering the period 2020 to 2024.

Quickstep has an existing contract with Lockheed Martin to provide wing flaps for the C-130J/LM-100J aircraft through to end-2019, and this contract extension will continue the successful supply chain relationship. Quickstep has delivered all its contracted C-130J/LM-100J parts to date 100 percent on time while meeting the high quality standards required by Lockheed Martin. In 2017, Quickstep supplied its first parts for the LM-100J freighter aircraft, which is a commercial version of the C-130J military transporter.

Quickstep's chief executive officer and managing director, Mark Burgess said, "We are proud to be a supplier to Lockheed Martin on this critical global program and this contract extension secures the C-130J/LM-100J line of business through 2024. In addition to this MoU, we look forward to further increasing the scope of our supply on the C-130J/LM-100J platform."

Burgess added, "Quickstep's outlook is positive. We anticipate improved efficiency from our growing production programs and the ongoing implementation of lean manufacturing processes and practices across the business."

This contract extension bolsters Quickstep's portfolio of long-term contracts and its strong defence and aerospace outlook. Over the next three years Quickstep expects to benefit from increasing production volumes though its F-35 Joint Strike Fighter (JSF) composite parts contract and new business secured with Boeing Defense and Chemring.

An enhanced business development capability and healthy project pipeline ensures the company is well positioned for future profitable growth. Quickstep continues to be focused on high value, expanding global markets while strengthening its position as Australia's leading independent carbon fibre composites manufacturer.