May. 6, 2015 9:19 AM ET | EML
Summary
Eastern Company sheds light on its role in the massive Joint Light Tactical Vehicle program proposed by the U.S. Army and Marine Corps.
The JLTV program may continue for over 20 years.
U.S. Military Specifies Eastern Company (NASDAQ:EML) as Supplier of Choice for JLTV Program
Eastern Company disclosed its unique standing in the Joint Light Tactical Vehicle program proposed by the Army and Marine Corps.
In recent years, working very closely with the U.S. military, we developed the latching and locking systems needed to meet the security and safety needs of our military during the Afghanistan and Iraq wars. Now, the Company is specified as the supplier of choice by the U.S. military for latching systems for the new Joint Light Tactical Vehicle (JLTV) when the program begins.
No matter which of the three general contractors wins, Eastern’s Eberhard Manufacuring Company is expected to be named as the sole supplier of advanced latching systems for JLTVs.
JLTV Status
Final bids were submitted by Oshkosh Defense, AM General, and Lockheed Martin on or before Feb. 10, 2015. The JLTV program is proposed to include 55,000 vehicles at an estimated cost of over $25 billion, the program is planned to end in the year 2040 and that the President’s Fiscal Year 2016 Budget Request is for $456.9 million. Also, importantly, the report by Congressional Research Service states:
The Army — on behalf of itself and the Marines — plans to select a winner and issue a single contract award in the late summer of 2015.
The JLTV program has been under active review and testing since the 2006-2008 period. There is a great deal of literature on JLTV designs including thisWikipedia description. And further, see the recent Military & Aerospace Electronics article by John Keller entitled “Military light vehicle market set to explode driven by JLTV program, says Forecast International”.
Here is info on JLTV contractor – AM GENERAL