JACKSON, MICHIGAN ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) said its aerospace business has begun work with Lockheed Martin to increase Eaton's role on the F-35 Joint Strike Fighter (JSF) by expanding its scope of work on the wing fluid delivery system.
Eaton and Lockheed Martin announced the additional business opportunity during a ceremony this morning at Eaton's East Avenue facility in Jackson, Michigan, where the bulk of the manufacturing and assembly is done.
Eaton is currently contracted to supply the wing fluid delivery system through an existing contract with Lockheed Martin and presented the first tube assembly during a program milestone recognition event at the facility.
The expanded wing fluid delivery work and increased technical assistance will increase Eaton's potential revenue on the F-35 by $1 billion, based on production of 2,600 aircraft over the life of the program, which is expected to continue through 2027. The $1 billion increase brings the overall revenue for Eaton to almost $3 billion, including the hydraulic power generation system, general actuation and the expanded wing fluid delivery system work.
Craig Arnold, Eaton senior vice president and group executive for Eaton's fluid power business, said, "This expanded statement of work from Lockheed Martin continues to validate our working relationship with the F-35 team and further enhances our ability to expand our management and engineering talents in aerospace systems integration."
Eaton is an industry leader in developing and manufacturing advanced higher-pressure hydraulic power generation and fluid conveyance products and systems, allowing military and commercial airframe manufacturers to significantly reduce component weight and systems volume while increasing overall performance and reliability.
In the aerospace industry, Eaton is a leading supplier of hydraulic, electro-hydraulic pump and generator products and integrated systems; electric motors; aircraft flap and slat systems; fluid conveyance products and systems; nose wheel steering systems; integrated control systems; cockpit controls; power and load management systems; pressure sensors and fluid debris monitoring products and systems.
Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems and powertrain controls for fuel economy; and intelligent drivetrain systems for fuel economy and safety in trucks. Eaton has 55,000 employees and sells products to customers in more than 100 countries.
This news release contains forward-looking statements concerning revenue from the F-35 Joint Strike Fighter (JSF), including expanded wing fluid delivery system work. These statements should be used with caution. The statements are subject to various risks and uncertainties, some of which are outside the control of the company. Important factors that could cause actual results to differ materially include the lack of continued funding for the JSF and unexpected technical difficulties. We do not assume any obligation to update this forward-looking statement.