Korean Air Selects B/E Aerospace for Follow-on Programs Initially Valued at Approximately $30 Million
February 28 2006 - 8:19AM
Business Wire
B/E Aerospace, Inc. (Nasdaq:BEAV), the world's leading manufacturer
of aircraft cabin interior products and a leading aftermarket
distributor of aerospace fasteners, today announced that Korean Air
has selected B/E's MiniPod(TM) lie-flat business class seats and a
broad range of food and beverage preparation and storage equipment
for its new Airbus A380 aircraft and both its retrofit and new buy
Boeing 777 aircraft. In addition, the airline has also selected B/E
food and beverage equipment for its A330 aircraft. These new awards
for the airline's A330, A380 and B777 fleets are follow-on programs
to the B747 retrofit program delivered in 2005, and bring the total
Korean Air award value to approximately $55 million currently.
Deliveries for today's award are scheduled to begin in late 2006.
"B/E's business class seats and food and beverage preparation and
storage equipment are integral to creating our new cabin
environment and support our commitment to provide our passengers
with world-class in-flight services," stated Mr. S. K. Lee,
Managing Vice President of Korean Air Purchasing Department.
"Korean Air successfully introduced B/E's MiniPod business class
seat on its Boeing 747 fleet. We are excited Korean Air chose to
extend that seat platform, along with our food and beverage
preparation and storage equipment, to its flagship Airbus A380 and
Boeing 777 aircraft," stated Amin J. Khoury, Chairman and Chief
Executive Officer of B/E Aerospace, Inc. "Recent program awards are
reflective of the current robust industry conditions which are
creating a very strong RFQ and bookings environment. Our
investments in new product development together with the current
strong industry conditions provide the basis for our continued
expectation for strong bookings and backlog growth throughout
2006," concluded Mr. Khoury. This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements involve risks and
uncertainties. B/E's actual experience may differ materially from
that anticipated in such statements. Factors that might cause such
a difference include those discussed in B/E's filings with the
Securities and Exchange Commission, including but not limited to
its most recent proxy statement, Form 10-K and Form 10-Q. For more
information, see the section entitled "Forward-Looking Statements"
contained in B/E's Form 10-K and in other filings. The
forward-looking statements included in this news release are made
only as of the date of this news release and, except as required by
federal securities laws, we do not have any obligation to publicly
update or revise any forward-looking statements to reflect
subsequent events or circumstances. About B/E Aerospace, Inc. B/E
Aerospace, Inc. is the world's leading manufacturer of aircraft
cabin interior products, and a leading aftermarket distributor of
aerospace fasteners. B/E designs, develops and manufactures a broad
range of products for both commercial aircraft and business jets.
B/E manufactured products include aircraft cabin seating, lighting,
oxygen, and food and beverage preparation and storage equipment.
The company also provides cabin interior design, reconfiguration
and passenger-to-freighter conversion services. Products for the
existing aircraft fleet -- the aftermarket -- generate about 60
percent of sales. B/E sells and supports its products through its
own global direct sales and product support organization. For more
information, visit B/E's website at http://www.beaerospace.com.
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