Esterline Signs Contract to Supply Engineered Materials to Hinkley Point C Nuclear Power Station
Source: Nasdaq GlobeNewswire / 01 Nov 2018 20:06:28 Europe/London
Esterline will provide stainless steel pond and pool liners, water storage containment tanks, and other ancillary equipment
BELLEVUE, Wash., Nov. 01, 2018 (GLOBE NEWSWIRE) -- Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving global aerospace and defense markets, today announced that it has signed an agreement with customer BYLOR (a joint venture between Bouygues TP and Laing O’Rourke) to supply the Hinkley Point C nuclear power station with several large stainless steel pond/pool liners, in-containment reactor water storage tanks (IRWST), and other tanks, vessels and ancillary equipment used throughout the life of the power station. The contract is expected to exceed ₤90 million (approx.. $116 million USD) for Esterline over six and a half years.
A joint venture partnership between Esterline and Efinor (EDEL) was selected for the project due to EDEL’s combined expertise in similar nuclear pool liner projects, particularly in the UK and France. Esterline offers a unique prefabricated modular solution with their Darchem engineered materials that reduces installation time and ensures program security by performing a majority of the fabrication in the factory, therefore requiring less time for construction at the site.
Curtis Reusser, Esterline Chief Executive Officer, said, “This contract culminates a long partnership between several parties to make the Hinkley Point C nuclear project a reality, and we are pleased to support it with our longstanding expertise in this sector. In addition, this sizeable contract for our Darchem team extends their ability to provide skilled jobs in the region, continue growing in-house talent, and expand our successful apprenticeship program to support this key market segment.”
Esterline’s Darchem products have been serving the nuclear industry for more than 50 years. The team is widely known for its leading position in the design, manufacture and installation of specialized thermal insulation to nuclear steam supply systems. In addition, Esterline provides a wide range of other engineered materials for the nuclear industry including waste containers, nuclear vent ducting and a passive fire protection system that is approved for use on both U.S. and European nuclear plants. Darchem products can be found in over 180 nuclear plants in 20 countries.
The work is expected to begin later this year and contribute to Esterline’s operational results starting in fiscal 2019.
Esterline Corporation is a leading worldwide supplier to the aerospace and defense industry specializing in three core areas: Advanced Materials; Avionics & Controls; and Sensors & Systems. With annual sales of approximately $2 billion, Esterline employs roughly 13,000 people worldwide.
Operations within the Advanced Materials segment focus on technologies including high-temperature-resistant materials and components used for a wide range of military and commercial aerospace purposes, and combustible ordnance and electronic warfare countermeasure products.
Operations within the Avionics & Controls segment focus on technology interface systems for commercial and military aircraft and similar devices for land- and sea-based military vehicles, cockpit displays and integration systems, flight training and simulation equipment, secure communications systems, specialized medical equipment, and other high-end industrial applications.
The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, specialized harsh-environment connectors, electrical power distribution equipment, and other related systems principally for aerospace and defense customers.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should” or “will,” or the negative of such terms, or other comparable terminology. These forward-looking statements are only predictions based on the current intent and expectations of the management of Esterline, are not guarantees of future performance or actions, and involve risks and uncertainties that are difficult to predict and may cause Esterline’s or its industry’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Esterline’s actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements due to risks detailed in Esterline’s public filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K/A.
Contact: Investor Relations – John Hobbs
Media – Michelle DeGrand