Kaman concludes helicopter program with Australia
Under the terms of the agreement, ownership of the 11 helicopters will be transferred to Kaman along with spare parts and associated equipment. The transfer is subject to U.S. government approval, which could take several months. Following that, Kaman will seek to sell the aircraft to another customer and will share the proceeds of each sale with Australia. Kaman has agreed that at least $37 million of payments will be made to Australia regardless of sales, with at least $25 million to be paid by March 2011, and $6 million each in years 2012 and 2013.
Neal J. Keating, chairman, president and CEO of Kaman said in a statement, "We appreciate the Australian government's willingness to work with us to develop a mutually satisfactory path to conclude their Super Seasprite program. We are also pleased to have the opportunity to sell these highly capable aircraft to another customer."
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