New Hamburg, Ontario - March 22, 2012 - Textron Systems Canada Inc., a Textron Inc. (NYSE: TXT) company, announced today that the company has signed a memorandum of understanding (MoU) with Ontario Drive & Gear Limited (ODG) of New Hamburg, Ontario for possible work on the Textron Tactical Armoured Patrol Vehicle (TAPV) for the Canadian Forces. Textron has submitted a proposal to supply 500 vehicles to the Canadian Army with an option for up to 100 additional TAPVs, all to be outfitted with gearing, shafts and collars for the transmission transfer cases from Ontario Drive & Gear.
Founded in 1962, Ontario Drive & Gear is currently part of the Textron global supply chain as a supplier of transfer case components to Textron Marine & Land Systems on an armoured vehicle program for the Afghanistan National Army. ODG is a Canadian supplier to Textron because of its solid reputation for customer service, and meticulous design and manufacture of quality gears, collars and drive shafts at the company's New Hamburg facility. The MoU represents a substantial opportunity for ODG that would create or maintain employment and have a positive effect on the local economy.
"The Government of Canada has stated it wants to procure the best possible equipment for the Canadian Army. We have engaged great partners like Ontario Drive & Gear to ensure that the Textron TAPV we propose to deliver will be the best option to protect Canadian soldiers," said Neil Rutter, general manager of Textron Systems Canada.
The Textron TAPV is the most reliable and technologically advanced vehicle of its kind, and it draws on the company's more than 45 years of experience in the design and production of armoured vehicles. A technology readiness level 8 vehicle, the Textron TAPV will provide the Canadian Forces with the optimal balance of survivability, mobility and versatility, while delivering outstanding performance in the world's most challenging environments. Extensively tested to confirm ballistic, blast, mobility and reliability levels, the Textron TAPV has been engineered to meet and exceed Canada's requirements.
If awarded the TAPV contact, Textron Systems Canada will become the prime contractor for the program; and through its Industrial and Regional Benefits obligations to Canada, Textron expects to bring new opportunities to other Canadian companies.
Textron currently employs more than 1,800 Canadians at its Textron Systems Canada, Bell Helicopter and Kautex facilities in Canada. Textron companies have procured more than $3.5 billion of materials manufactured by Canadian supplier companies in the past three years.
For additional Textron information, visit www.textrontapv.ca and www.textronmarineandland.com.
About Textron Systems
Textron Systems has been providing innovative solutions to the defense, homeland security and aerospace communities for more than 50 years. Headquartered in Wilmington, Mass., the company is known for its unmanned aircraft systems, advanced marine craft, armored vehicles, intelligent battlefield and surveillance systems, intelligence software solutions, precision smart weapons, piston engines, test and training systems, and total life cycle sustainment and operational services. Textron Systems includes AAI Logistics & Technical Services, AAI Test & Training, AAI Unmanned Aircraft Systems, Advanced Systems, Aerosonde, ESL Defence, Lycoming Engines, Medical Numerics, MillenWorks, Overwatch, Textron Defense Systems and Textron Marine & Land Systems. To serve Canadian customer requirements, the company established Ottawa-based Textron Systems Canada. More information is available at www.textronsystems.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.
About Ontario Drive & Gear Limited
ODG has developed a world-class reputation for engineering design, gear technology, transmission assembly and testing with a focus towards quiet gears. In addition ODG has established the ARGO as a global leader in amphibious extreme terrain vehicles, and designs innovative rover concepts for possible lunar exploration. ODG was founded in 1962, operates from a 121,900-sq.-ft.-facility and employs 230 people in its New Hamburg, ON facility. More information is available at www.ODG.com and www.ARGOutv.com.
Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the risk that Textron's TAPV proposal will not win the contract award; performance issues with key suppliers, subcontractors or business partners; changes in worldwide economic or political conditions that impact demand for our products, interest rates or foreign exchange rates; and changes in foreign military funding priorities or budget constraints and determinations, or changes in government regulations or policies on the export and import of military and commercial products.
Textron Systems Corporation
Thornley Fallis Communications
613-231-3355 ext. 220
Ontario Drive & Gear
519-662-2840 ext. 221