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K&F INDUSTRIES’ WHEELS AND BRAKES SELECTED BY CESSNA FOR CITATION CJ4
Le Bourget, France - June 19, 2007 -K&F Industries Holdings, Inc. (NYSE: KFI) announced today that Aircraft Braking Systems Corporation (ABSC), its wholly owned subsidiary, has been chosen by Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, to be the supplier of wheels and brakes for its newest business jet, the Citation CJ4.
Cessna selected ABSC’s 8-inch nose wheels, 10-inch main wheels and long-life steel brakes, which meet Cessna’s reliability and durability standards and enable it to provide aircraft operators with low-cost ownership. Like Cessna's existing brake programs, a brake landing guarantee will be offered by Cessna through both the ProAdvantage operating cost programs as well as Citation Parts Distribution’s comprehensive brake overhaul and exchange programs.
The eight-passenger CJ4 is the largest of Cessna’s CJ series of business jets. The aircraft leverages the swept wing design used successfully on larger Cessna models in order to deliver superior flight performance from a small business jet. Projected cruise speed is 435 ktas, range 1,825 nm and service ceiling 45,000 ft. FAA certification is expected for late 2009 with initial deliveries planned for early 2010.
Kenneth M. Schwartz, K&F Industries president and chief executive officer, stated, "Cessna is the clear market leader in the light business jet category and we’re very excited to be partnering with it on the newest addition to the extremely popular CJ family. K&F was chosen for the CJ4, in part, as a result of our reputation for providing dependable, long-life equipment and we look forward to continuing to work with Cessna as it delivers new, highly innovative aircraft to the rapidly growing business jet market in the future."
K&F Industries Holdings, Inc. is a worldwide leader in the manufacture of braking equipment for commercial transport, general aviation and military aircraft through its Aircraft Braking Systems Corporation subsidiary. The company manufactures a wide range of braking equipment including antiskid, auto–brake, brake–by–wire systems, and brake temperature monitoring systems as well as main and nose wheels, carbon and steel brakes, and ancillary equipment. Its products are installed on approximately 26,000 aircraft worldwide, more than any other supplier. In addition, K&F Industries operates Engineered Fabrics Corporation (EFC), a leading producer of aircraft fuel tanks, de-icing equipment and specialty coated fabrics used for storage, shipping, environmental and rescue applications for the commercial and military markets.
Forward-Looking Statements
This press release contains various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed acquisition of K&F by Meggitt and the risks and uncertainties related to the occurrence of future events. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the current economic environment, K&F and its industry. Certain factors that could cause actual events not to occur as expressed in the forward-looking statement include, but are not limited to, (i) the failure to obtain antitrust clearance and certain other governmental approvals in a timely manner or at all, (ii) the failure, under certain circumstances, of Meggitt to meet the conditions set forth in its financing documents and (iii) the satisfaction of various other closing conditions contained in the definitive merger agreement. Other potential risks and uncertainties are discussed in K&F’s reports and other documents filed with the SEC from time to time. K&F assumes no obligation to update the forward-looking information. Such forward-looking statements are based upon many estimates and assumptions and are inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of K&F’s management. Inclusion of such forward-looking statements herein should not be regarded as a representation by K&F that the statements will prove to be correct.
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