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
