IBC Advanced Alloys (V.IB) gains 32% on inking Lockheed Martin contract

IBC Engineered Materials, the wholly-owned US subsidiary of IBC Advanced Alloys, an integrated manufacturer and distributor of rare metals based alloys and related products, signed an investment casting hard tooling contract with Lockheed Martin to support its F-35 Electro-Optical Targeting System (“EOTS”).

According to the news release, “Under the terms of the contract, IBC-EMC will be responsible for the design, manufacture and implementation of hard tooling to be used as a part of the final qualification process to establish Beralcast® castings as an effective beryllium-aluminum alternative for precision optical components for the F-35 Lightning II.”

It went on to explain that the Beralcast castings’ viability improves lead times and affordability of high performance aerospace components constructed with beryllium aluminum alloys.

Ray White, IBC president of IBC-EMC, commented, “IBC is pleased to have received a hard tool contract from Lockheed Martin.”

He continued, “We are committed to demonstrating the viability of Beralcast® castings with a hard tool and to completing the final stages of our materials and processing qualifications.”

IBC president and CEO, Anthony Dutton, added, “It is an honor to be working with Lockheed Martin.”

Mr. Dutton then concluded, “Our Company is committed to delivering advanced beryllium aluminum casting solutions, not only for Lockheed Martin and the F-35 Lightning II but also for other aerospace industry initiatives where modulus, weight and cost are critical performance factors."

IBC Advanced Alloys was in the news recently when the company shot up 24% on signing an MOU with Nu-Cast.

Shares rose 32.35% on the news to $0.225 per share.

Currently there are 62.9m outstanding shares with a market cap of $14.1 million.