Reinhold (NASDAQ:RNHDA)
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Reinhold Industries, Inc. Receives New Orders Worth $37 Million
SANTA FE SPRINGS, Calif., Dec. 27 /PRNewswire-FirstCall/ -- Reinhold
Industries, Inc. (NASDAQ:RNHDA) of Santa Fe Springs, California, announced
today that the Company had received new orders totaling approximately $37
million during the last month.
A $15 million contract was awarded by ATK Thiokol Propulsion Company,
Promontory, Utah, for components related to the Air Force's Minuteman III
Propulsion Replacement Program ("PRP"). ATK Thiokol Propulsion Company is an
operating company of Alliant Techsystems. The PRP replaces the stage 1, 2 and
3 solid rocket motors in the Minuteman III force with new remanufactured motors
to maintain the alert readiness status of the force through 2020. ATK Thiokol
is remanufacturing the motors and replacing propellant and obsolete or unsafe
materials and components in the Minuteman III force.
NP Aerospace Ltd., the Company's wholly-owned subsidiary located in Coventry,
England, was awarded a 6 million pounds Sterling (approximately $11.5 million
at today's exchange rate) contract by the British Ministry of Defence for the
refurbishment and retrofit of a fleet of light armored vehicles for the British
Army. The project includes the replacement of the vehicle chassis and
powertrain.
NP Aerospace Jordan, a 51% owned subsidiary of NP Aerospace Ltd., was awarded a
5.5 million pounds Sterling (approximately $10.5 million at today's exchange
rate) contract by the Jordanian Armed Forces for 50,000 ballistic helmets. The
helmets will be manufactured over the next two years in both England and in NP
Aerospace Jordan's new facility in Jordan.
"We are very excited about the opportunity to participate in these programs,"
said Michael T. Furry, President and CEO of Reinhold. "The Minuteman PRP is in
its fourth year of full rate production. We expect that this program will
continue through 2008. In England, we are replacing the chassis and
powertrains on vehicles which were originally built by NP Aerospace's
predecessor in the early 1990's. Our new joint venture, NP Aerospace Jordan,
gives us a marketing presence for our full range of ballistic products and a
low cost manufacturing base in the Middle East. We expect that manufacturing
of ballistic helmets will begin in the fourth quarter of 2005."
Reinhold Industries, Inc. is a manufacturer of advanced custom composite
components and sheet molding compounds for a variety of applications in the
United States and Europe.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
To the extent the Company makes certain "forward-looking statements" in this
press release, such as statements about future plans, goals and other events
which have not yet occurred, such statements are intended to qualify for the
safe harbors from liability provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can generally be identified
because they include words such as the Company "believes," "anticipates,"
"expects" or words of similar import. These forward-looking statements involve
risks and uncertainties and the actual results could differ materially from
those discussed in the forward-looking statements. These risks and
uncertainties include, without limitation, risks associated with levels of U.S.
and foreign military spending, currency fluctuations and the financial
condition of the airline industry. You should consider these risks and factors
and the impact they may have when you evaluate these forward-looking
statements. These statements are based only on the Company's knowledge and
expectations on the date of this press release. The Company disclaims any duty
to update these statements or other information in this press release based on
future events or circumstances.
DATASOURCE: Reinhold Industries, Inc.
CONTACT: Judy Sanson of Reinhold Industries, Inc., +1-562-944-3281