WENATCHEE, Wash., Oct. 20 /PRNewswire/ -- Pacific Aerospace & Electronics,
Inc. (Nasdaq: PCTH), an international engineering and manufacturing company
specializing in technically demanding components and assemblies, today
announced that it has been awarded three new aerospace orders valued at
$5 million, shippable within the next 12 months.
BF Goodrich selected PA&E for an initial order of approximately
$2.2 million to manufacture cast-high-strength stainless steel thrust reverser
assemblies for Boeing 717 commercial aircraft. Boeing Space Systems placed an
add-on order of approximately $1.5 million for adjustable kneel-down
transporters used in the assembly of Delta IV space launch vehicles. Parker
Aerospace awarded PA&E an initial order of approximately $1.3 million to build
cast-aluminum air ducts used in Rolls Royce/Trent engines for Airbus A340
commercial aircraft.
In addition, Boeing recently cited Pacific Aerospace & Electronics for
outstanding performance within its Fabrication and Engineering operations with
its "Excellence Award" related to a critical space program for implementation,
responsiveness, cost effectiveness and competitiveness.
"We are very pleased about our recent contract wins and quality award,"
said Don Wright, President and CEO. "These successes reflect not only our
established reputation for high quality and unique manufacturing capabilities,
but also our aggressive strategic alignment to become the low cost producer as
well."
"The manufacturing initiatives that we began six months ago are beginning
to paying off. Our cellular flow-manufacturing program, based on
best-of-breed business practices and project teams, is reducing cycle times
while maintaining the highest quality standards. We have also instituted
programs to build to zero scrap, including manufacturing resource management
and other aggressive cost reduction targets resulting in overall operating
efficiency improvements of 10-15%."
"We continue to meet our customers' challenge to be among their select
strategic suppliers who can provide a complete engineering and manufacturing
solution. At the same time, we continue to consolidate our operations,
improve manufacturing processes and centralize corporate services in order to
deliver more value to our customers."
Pacific Aerospace & Electronics, Inc. is an international engineering and
manufacturing company specializing in technically demanding components and
assemblies for global leaders in the aerospace, defense, electronics, medical,
energy and transportation industries. The Company is organized into three
operational groups -- U.S. Aerospace, U.S. Electronics and European Aerospace
-- with European operation accounting for approximately half of its revenue.
Pacific Aerospace & Electronics is headquartered in Wenatchee, WA, and has
approximately 1,100 employees worldwide.
Forward-looking statements in this release concerning trends or
anticipated operating results are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of future performance and are
subject to risks and uncertainties related to the Company's operations. These
risks and uncertainties include, but are not limited to, competitive factors
(including the possibility of increased competition or technological
development, competitors, and price pressures); legal factors (such as limited
protection of the Company's proprietary technology and changes in government
regulation); and the Company's dependence on key personnel and significant
customers.
SOURCE Pacific Aerospace & Electronics, Inc.
-0- 10/20/1999
/CONTACT: Tom Barrows, Vice President of Pacific Aerospace & Electronics,
509-667-9600; or Jeff Howlett, Investor Relations of StreetConnect,
206-320-1231, for Pacific Aerospace & Electronics, Inc./
/Web site: pcth.com
(PCTH)
CO: Pacific Aerospace & Electronics, Inc.
ST: Washington
IN: CPR ARO
SU: CON
*** end of story *** |
