Ducommun Incorporated Announces Award of TOW Missile Order from Raytheon Missiles and Defense for Guaymas, Mexico
SANTA ANA, Calif., June 20, 2024 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”), a global supplier of innovative electronic and structural solutions for the aerospace & defense industry, is proud to announce the receipt of a major award totaling over $12M in revenue for Raytheon’s TOW missile system. This award represents the first order for this legacy program that will now be produced at the Company’s world-class engineering and manufacturing performance center in Guaymas, Mexico with the previous production location being at Ducommun’s Monrovia, California facility.
“We are thrilled to continue to earn the trust and confidence of Raytheon and welcome the opportunity to support the needs of our nation and the warfighter. As mentioned on previous earning calls, the TOW program demand for Ducommun had a pause over the past year due to the timing of orders but our value proposition for this program is world class and we had high confidence the customer would come back for additional orders and support. This is also another important milestone for us as we continue to execute on our Vision 2027 strategy which includes transferring meaningful work to our low-cost, high productivity operation in Guaymas, Mexico,” said Stephen G. Oswald, chairman, president, and chief executive officer. “Raytheon continues to treat us as a true partner, which we very much appreciate and as always remain relentless in our pursuit of building value for our customers and shareholders."
Ducommun currently provides Raytheon with electronics, controllers, circuit card assemblies, harness cable assemblies and structural products on both legacy and emerging programs.
About Ducommun Incorporated
Ducommun Incorporated delivers value-added innovative manufacturing
solutions to customers in the aerospace, defense, and industrial markets.
Founded in 1849, the company specializes in two core areas – Electronic
Systems and Structural Systems – to produce complex products and
components for commercial aircraft platforms, mission-critical military and
space programs, and sophisticated industrial applications. For more
information, visit Ducommun.com.
About RTX
Corporation
RTX is the world's largest aerospace and defense
company. With more than 185,000 global employees, it pushes the limits of
technology and science to redefine how it connects and protects our world.
Through industry-leading businesses – Collins Aerospace, Pratt &
Whitney, and Raytheon – it is advancing aviation, engineering integrated
defense systems for operational success, and developing next-generation
technology solutions and manufacturing to help global customers address
their most critical challenges.
Forward-Looking
Statements
This press release includes "forward looking
statements" within the meaning of the of the federal securities laws
relating to Ducommun Incorporated, including statements relating to
Ducommun’s expectations pertaining to opportunities and the Company’s
ability to execute under agreements with its key customers and similar
expressions that concern Ducommun’s intentions or beliefs about future
occurrences, expectations, or results. Forward looking statements are
subject to risks, uncertainties and other factors that may change over time
and may cause actual results to differ materially from those that are
expected. It is very difficult to predict the effect of known factors, and
Ducommun cannot anticipate all factors that could affect actual results
that may be important to an investor. All forward-looking information
should be evaluated in the context of these risks, uncertainties, and other
factors, including those factors disclosed under “Risk Factors” in our
reports filed with the SEC, including the Company’s Quarterly Reports on
Form 10-Q, Annual Reports on Form 10-K, Current Reports on Form 8-K and its
other filings with the SEC. The forward-looking statements included in this
press release are made only as of the date of this press release, and
Ducommun does not undertake any obligation to (and expressly disclaims any
such obligation to) update the forward-looking statements to reflect
subsequent events or circumstances.
MEDIA
CONTACTS:
Suman Mookerji, Senior Vice President, Chief
Financial Officer, 657.335.3665
SMookerji@ducommun.com
