Aerospace Watch: EDAC Technologies Wins $5.3 Million Contract

August 3, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — EDAC Technologies Corp. (NASDAQ: EDAC), a maker and servicer of components for aerospace and industrial applications, said that it has signed a multi-year agreement to supply a major rotating component for a manufacturer of rotorcraft.

According to EDAC, the agreement has an initial term of three years, with an option for an additional two-year extension, and is valued at around $5.3 million during the initial three-year period.

The company said that with this agreement its backlog has increased to a record $140 million.

Dominick A. Pagano, CEO of EDAC Technologies, said the contract win, “…reflects our strategy of targeting markets beyond our traditional engine components business, in order to diversify the company's revenue base and expand upon our strengths in precision aerospace parts manufacturing.”

Connecticut-based EDAC Technologies offers the aerospace sector design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines.

The company’s industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision spindles, which are part of machine tools found in various manufacturing environment.

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