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 provider of aerospace fasteners, consumables, and logistics services, today announced that it has won super first class, business class, and main cabin seating awards from 7 major international airlines. The awards are initially valued at approximately $600 million and are for both new-buy and retrofit programs.
The first quarter of 2014 will mark a quarterly bookings record for the Company and a record for the most commercial aircraft seating awards in any one quarter in the Company’s history. The seating programs will outfit B777 and B787, and A350, A380, and A319 aircraft.
Amin J. Khoury, Founder, Chairman and Chief Executive Officer of B/E Aerospace stated, “Today’s record multiple seating awards announcement highlights our continued focus on innovation and further solidifies our position as the market leader for commercial aircraft seating for the airline industry. These seating awards will drive first quarter 2014 bookings to a record level for any quarter.”
Separately, the Company also announced that it has agreed to acquire Vision Oil Tools, LLC (Vision), a provider of oilfield rental equipment and services.
Mr. Khoury stated, “The acquisition of Vision, headquartered in Houston, TX, continues our initiative to expand our consumables management segment into the oilfield rental equipment, logistics and services business. Vision establishes a new geographical base of operations in the North Dakota (Williston/Bakken) and Rocky Mountain regions. The transaction is expected to close during the second quarter of 2014, subject to Hart-Scott-Rodino review. The acquisition purchase price, including expenses, is expected to be approximately $145 million. An additional payment of approximately $35 million may be paid in 2015 subject to Vision achieving certain financial results during 2014.”
Mr. Khoury concluded, “We are today raising our 2014 earnings guidance to approximately $4.30 per diluted share, exclusive of acquisition related expenses.”
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 provider of logistical services and 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.
