Quickstep appoint fmr Boeing exec as CFO

07/01/2010 - 15:46

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Shares in North Coogee-based composite materials manufacturer Quickstep Holdings were unchanged today despite announcing the appointment of a former Boeing and aerospace executive as the company's chief financial officer.

Shares in North Coogee-based composite materials manufacturer Quickstep Holdings were unchanged today despite announcing the appointment of a former Boeing and aerospace executive as the company's chief financial officer.

John F Johnson was appointed CFO in what the company describes as another significant step forward in its transition to becoming a major supplier to the aerospace industry.

Mr Johnson has held senior positions with several high-profile aerospace companies including Commercial Manager of Finance (Divisional CFO) Hawker de Havilland for The Boeing Company, Financial Controller (Divisional CFO) ASTA Components for Aerospace Technologies of Australia; and he assisted as Manager for the Defence Integrated Distribution System Project Team for BAE Systems.

Shares in Quickstep were unchanged, closing at 54 cents per share.

 

QUICKSTEP APPOINTS EXPERIENCED AEROSPACE EXECUTIVE AS CHIEF FINANCIAL OFFICER

Australian advanced materials company Quickstep Holdings Limited (ASX:QHL) has taken another significant step forward in its transition to becoming a major supplier to the aerospace industry, appointing former Boeing executive John F Johnson to the position of Chief Financial Officer.

Mr Johnson has held senior positions with several high-profile aerospace companies including Commercial Manager of Finance (Divisional CFO) Hawker de Havilland for The Boeing Company, Financial Controller (Divisional CFO) ASTA Components for Aerospace Technologies of Australia Ltd; and he assisted as Manager for the Defence Integrated Distribution System Project Team for BAE Systems.

He has also recently held the positions of Executive General Manager Finance & Legal and Executive General Manager Corporate Service for the Port of Melbourne Corporation.

Commenting on his appointment, Mr Johnson said, "I am delighted to accept this role with Quickstep, which I believe presents an excellent opportunity to work with a Company on a path of rapid expansion in the aerospace and defence sectors."

Quickstep has recently signed two major Memorandums of Understanding (MoU's) in relation to
manufacturing contracts for the international Joint Strike Fighter (JSF) program. The first was signed with global aerospace companies Lockheed Martin and Northrop Grumann and is intended to secure around $700 million worth of potential contracts. The second MoU was signed with Melbourne-based Marand Precision Engineering and could lead to a contract worth up to $50 million to supply composite Vertical Tail (VT) skins for the JSF.

The negotiation of the Long Term Agreements needed to commence the manufacturing programs are due to commence this quarter.

Quickstep Chief Executive Philippe Odouard said Mr Johnson was a highly experienced finance executive who would bring significant aerospace expertise to Quickstep at a pivotal stage in the Company's development.

"John Johnson has substantial experience within the Australian aerospace sector, which will be of great value to Quickstep as we move forward from our traditional R&D focus to become a full-scale aerospace manufacturer," Mr Odouard said.

"On behalf of the Board I am delighted to welcome John to the Quickstep team and look forward to his contribution to the Company's growth."

Quickstep is in the process of completing a Share Purchase Plan to raise $6 million. This issue price for the SPP is 52 cents per share and the offer will close on 14 January 2010.

Documentation relating to the SPP was mailed to shareholders in December 2009 and is available for download from the ASX website.

Mr Johnson will join Quickstep's Head Office Team based in North Coogee, Western Australia, which is currently focused on preparing the Company, its people and facilities for future JSF contracts, working closely with Northrop Grumman, BAE Systems and Lockheed Martin to deliver the required training and production plans necessary to establish long-term manufacturing programs.

Quickstep has completed its strategic and resource plans for the JSF programs, is nearing completion of its industrialisation plan and is currently in the process of recruiting industry specialists.

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