UPDATE 2.10pm: Shares in advanced materials company Quickstep surged after the company announced it had received its first order to make parts for the international Joint Strike Fighter military aircraft program.
The company hailed the contract, the value of which it did not disclose, as the first of many in a 20-year manufacturing program for the new F-35 Lightning II military aircraft.
"The purchase order covers production of Group 1 components for the F-35 over the next 12 months, as scheduled under a long-term agreement Quickstep signed with principal F-35 subcontractor Northrop Grumman in February," the company said in a statement.
Quickstep managing director Philippe Odouard said the order represented the company's first aerospace global supply chain manufacturing contract, which he described as a huge achievement for the company following a long and arduous qualification process.
Under the framework established in the long-term agreement, Quickstep will deliver the first F-35 Lightning II parts next year.
It will supply a variety of F-35 components, including composite doors and panels.
"In parallel with Group 1 parts manufacturing, which is expected to commence shortly, Quickstep is also undertaking the qualification process to enable (it) to manufacture Group 2 and Group 3 F-35 components," the company said.Quickstep shares jumped 4.5 cents, or 20.93 per cent, to 26 cents by the close of trade.
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