WELLINGTON, Fla.--(BUSINESS WIRE)--B/E Aerospace, Inc. (NASDAQ:BEAV), the world's leading manufacturer of aircraft cabin interior products and the world's leading distributor of aerospace fasteners and consumables, today announced that the Company has extended and expanded an agreement with United Technologies Corporation (UTC), to provide aerospace fasteners, hardware, consumables, and logistical services to UTC’s aerospace business units for their global operations. The agreement with UTC is through December 31, 2022 and is initially valued at approximately $950 million.
B/E Aerospace will supply UTC’s aerospace business units (Goodrich, Hamilton Sundstrand, Pratt & Whitney and Sikorsky Aircraft), with aerospace fasteners and hardware as well as a broad range of consumables. In addition, the Company will provide logistical services such as just-in-time delivery, bin management services, integrated supply chain logistics, and airplane-on-the-ground (AOG) support 24 hours a day, 365 days a year. B/E’s value-added services increase customer productivity, lower total cost of ownership and inventory investment, and reduce risk with parts delivered directly to the point of use.
By leveraging its robust information technology, automated retrieval systems, operational excellence, global footprint, and supply chain infrastructure, B/E Aerospace consumables management provides a comprehensive range of aerospace consumables and complex logistical services to its customers globally from its 50 geographical locations worldwide.
“We are pleased to announce this enhanced and expanded agreement with our valued partner, United Technologies. We look forward to further strengthening our partnership with them. Today’s announcement highlights our continued focus on having the best and broadest portfolio of aerospace consumables and logistical services and further solidifies our position as the market leader,” said Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties. The Company’s actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company’s filings with the Securities and Exchange Commission (SEC), which include its Proxy Statement, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For more information, see the section entitled "Forward-Looking Statements" contained in the Company’s Annual Report on Form 10-K and in other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About B/E Aerospace, Inc.
B/E Aerospace is the world’s leading manufacturer of aircraft cabin interior products and the world’s leading distributor of aerospace fasteners and consumables. B/E Aerospace designs, develops and manufactures a broad range of products for both commercial aircraft and business jets. B/E Aerospace manufactured products include aircraft cabin seating, lighting systems, oxygen systems, food and beverage preparation and storage equipment, galley systems, and modular lavatory systems. The Company also provides cabin interior reconfiguration, program management and certification services. B/E Aerospace sells and supports its products through its own global direct sales and product support organization. For more information, visit the B/E Aerospace website at www.beaerospace.com.
