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CAE swings after winning C$140 mln defence contracts

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CAE Inc. (TSE:CAE), a flight simulator and training company, wavered between gains and losses after saying it won a series of contracts valued at more than C$140 million.

CAE shares were down 0.3 percent to C$14.98 at 3:21 p.m. after rising to as high as C$15.14.

The Montreal, Quebec–based company said in a statement today it has signed four deals to provide training systems and services for defence customers including the United States Navy.

CAE said Boeing has ordered simulator hardware for six additional P-8A Poseidon operational flight trainers (OFTs) and five additional P-8A Aircraft equipment Desktop Environment (AeDTEs) trainers for the U.S. Navy. 

“The P-8A program is a perfect example of the Navy’s increasing use of synthetic training and we are pleased to be working with Boeing to deliver some of the high-fidelity training systems required for training P-8A aircrews,” Ray Duquette, President and General Manager, CAE, USA, said in the statement.

CAE also won a contract to provide an SW-4 helicopter full-flight simulator to the Polish Air Force School in Deblin, Poland. 

The SW-4, developed in Poland by PZL-Swidnik, an AgustaWestland company, is a multi-role light utility helicopter used by the Polish Air Force for advanced pilot training and other utility missions. The SW-4 simulator will be delivered in 2016, CAE said.

"Poland is a growth market in Europe with a range of opportunities for simulation-based solutions, so we are pleased the Polish Air Force selected CAE to develop a new helicopter simulator and look forward to addressing future requirements," said Gene Colabatistto, Group President, Defence and Security, CAE, in a separate statement.

In a separate contract, the company said it will provide support services for the German Air Force’s flight simulation equipment. An annual maintenance deal, the contract covers a range of simulators, including Tornado, C-160 Transall, P-3C Orion, Mk-41 Sea King and the German Air Force’s pilot selection system.

CAE was also awarded an order from Malaysia-based PWN Excellence Sdn Bhd to provide lifecycle support and maintenance services on its AW139 simulator over the next ten years.

 

 

 

Quick facts: CAE Inc

Price: 24.01 CAD

TSX:CAE
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Market Cap: $6.38 billion
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