Quickstep Holdings (ASX: QHL) should open higher after signing a memorandum of agreement with global security and aerospace company, Lockheed Martin (NYSE: LMT) to supply 120 sets of carbon-fibre wing flaps through to 2018 for $75 million.
The wing flaps are expected to be delivered at a rate of two sets per month beginning January 2014.
This agreement is subsequent to Quickstep’s March 2012 award to manufacture wing flaps for Lockheed's Super Hercules aircraft.
Since being awarded the tender, against global competition, Quickstep has made significant progress including establishing a qualified workforce and commencing production, and are on track to deliver the first completed assemblies in the next few weeks.
Quickstep is capitalised at around $80 million.
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