CAE receives $80 million in military contracts
June 10, 2009, Montreal - CAE Inc. has received contracts to perform upgrade work for the UK Ministry of Defence and the US Navy valued at more than $80 million.
June 10, 2009 By Carey Fredericks
June 10, 2009, Montreal – Flight simulator and training company CAE Inc. said Wednesday it had received contracts to perform upgrade work for the United Kingdom Ministry of Defence and the United States Navy valued at more than $80 million.
The Montreal-based company said its Aircrew Training Services division would conduct upgrades on two British army helicopters, while CAE USA had been contracted to carry out upgrades on two flight trainers in the U.S. CAE did not release the exact value of the contracts.
“In the first two months of our new fiscal year, we are continuing to see momentum in our military market segments as defence customers look to expand their use of synthetic training,” said Martin Gagne, President of CAE’s Military Simulation Products, Training and Services.
“Simulation offers a number of advantages, most notably cost advantages as well as the ability to practice and rehearse different mission scenarios,” Gagne said Wednesday’s announcement comes during a period when CAE had forecasted lower sales due to ongoing weakness in the civil aviation sector. Last month, the company announced plans to cut 700 jobs, or about 10 per cent of its workforce. CAE had previously accepted millions of dollars in federal aid intended to create and preserve jobs.
CAE has forecast it will sell 20 full-flight simulators in the current financial year, down from 34 ordered in fiscal 2009 ended March 31.
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