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PRESS RELEASES 2002 October 13, 2002 December 21, 2002 2003 January 22, 2003 January 23, 2003 April 15, 2003 July 2, 2003 September 10, 2003 October 13, 2003 2004 January 21, 2004 June 21, 2004 June 22, 2004 August 23, 2004 December 23, 2004 2005 March 10, 2005 May 26, 2005 June 21, 2005 July 15, 2005 October 27, 2005 |
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December 23, 2004 Press Release Globe Composite Solutions to Provide Advanced Composite Components for New Virginia Class Attack Submarines Company awarded $6.4 million contract to outfit next seven submarines Dallas, December 19, 2004 – Globe Composite Solutions, Ltd. announced today that it has been awarded a contract to provide special composite components for the next seven Virginia class attack submarines. This order falls on the heels of Globe supplying similar parts for Seawolf class submarines and the first four Virginia-class submarines. The lead ship of the class, USS Virginia (SSN774), was commissioned on October 23, 2004; another three ships are currently under construction. Designed to meet the Navy’s requirements in a post-Cold War era, the Virginia class submarines will be the most advanced ships in the fleet, using state-of-the-art technologies to increase firepower, maneuverability and stealth. The 377-feet, 7,800-ton Virginia class ships are capable of submerged speeds of more than 25 knots and can stay submerged for up to three months at a time. This is the first multi-submarine order for the company, calling for at least one ship per year through FY 2009. This multi-year contract enables Globe to purchase materials and manufacture advanced tooling for multiple ships at one time, achieving significant economies of scale for the US Navy, along with its two prime contractors, General Dynamics Electric Boat and Northrop Grumman Newport News. “I am pleased that Globe was selected to provide these mission-critical components,” said Carl W. Forsythe, President and CEO of Globe. “This is indeed a testimony to the quality of our team and the innovative manufacturing processes we employ to provide cost-effective solutions to both military and industrial customers. This long-term contract allows Globe to further invest in our people and expand our development and manufacturing capabilities to better serve the growing demand for high-performance, yet cost-effective, non-metallic components”, he added. Globe Composite Solutions, formerly known as KFGI, Ltd., acquired the assets of Globe Rubber Works, Inc., in August 2004. Globe’s research & development, manufacturing and assembly operations are located in the Boston area and its executive offices are located in Dallas, TX. The company serves a diverse set of customers including Siemens, US Postal Service, GE Medical Systems, FKI Logistex, United Parcel Service, Vanderlande and Bowe/Bell & Howell. About Globe Composite Solutions, Ltd. Globe Composite Solutions, Ltd. is a privately held designer and manufacturer of composite-based products utilizing advanced materials and processes. These products help customers increase product performance in industrial, commercial and military applications. The company also provides turnkey research, design and manufacturing services for prototype and full-scale production needs and holds numerous patents related to composite materials and material handling products. Contact: Carl W. Forsythe Phone: 781-871-3700 Ext. 203 Fax: 781-871-6631 Email: cforsythe@globecomposite.com http://www.globecomposite.com |
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