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Quickstep shares jump 36% on news of $700m agreement

Quickstep shares jump 36% on news of $700m agreement

Advanced materials company Quickstep Holdings (ASX:QHL) shares jumped 36.8% on the ASX on the news it had secured up to $700 million worth of aerospace contracts.

Quickstep has signed an MOU with Lockheed Martin and Northrop Grumman Systems over future contracts to manufacture components for the new F-35 Joint Strike Fighter (JSF).

The JSF is intended for multiple nations, with the Australian government planning to acquire up to 100 of them.

The potential contract would be for the manufacture of up to 21 different components, would have a period of between 20 and 30 years, and could generate annual turnover of $50 million by 2015.

QHL shares climbed to $0.52 following the announcement.

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Tags Defence manufacturing Quickstep

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