Ann: Quickstep signs MOU to Advance $700m plus JS, page-41

re: Ann: Quickstep signs MOU to Advance $700m... Quickstep Holdings soars 70pc on potential Joint Strike Fighter contracts


CITY BEAT: Michael Bennet | November 04, 2009
Article from: The Australian

AEROSPACE and defence play Quickstep Holdings fired a big shot this morning, with its shares soaring more than 70 per cent on the back of an agreement that could see it reap the rewards of up to $700 million in fighter jet contracts.

The Perth company today said it has signed a memorandum of understanding with global giants Lockheed Martin and Northrop Grumman Systems to secure the potential contracts for the new F-35 Joint Strike Fighter (JSF) being manufactured in the US for global rollout.

Quickstep said the federal government is planning to acquire up to 100 of the advanced fighter jets.

The company said it is looking to finalise the deal by March next year which could last between 20 and 30 years and generate annual turnover of $50m by 2015.

Managing director Philippe Odouard said the MOU could also lead to other potential defence and aerospace contracts.

The finalisation of the deal could create about 156 high-end jobs and may create a further 620 support industry jobs, the company said.

Quickstep shares hit a high of 65 cents after coming out of a trading halt this morning before cooling to 53c in intraday trade.