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KUALA LUMPUR : Malaysia's government-owned Composites Technology Research Malaysia (CTRM) has sealed a multi-billion ringgit deal to provide parts for global aerospace supplier Goodrich, premier Najib Razak said on Friday.
The 3.5 billion ringgit (1.03 billion dollar) deal, will see CTRM provide nacelle components to Goodrich for its various commercial aircraft programs over the next two decades, according to Najib.
"The period of the contracts is to last for the life of the aircraft and CTRM projects the contract value to be at 3.5 billion ringgit," he told reporters.
CTRM said the Goodrich contract will increase the company's current book order from 3 billion ringgit to 6.5 billion ringgit with this year's book order expected to rise to 8.5 billion ringgit.
"CTRM, eight to ten years ago, decided to develop aerospace composite technology and when we started working with them in 2003, we found they were a very good fit to our portfolio of business," Goodrich Aerostructures material and supply chain director Timothy Martin told reporters.
"They had already started to work with Airbus so this was a real key for them and their commitment to quality and lean manufacturing and delivery and production is one of the best in the industry," he added.
Incorporated in 1990, CTRM's principal shareholder is Malaysia's finance ministry with the company's primary role to develop a high technology-based industry in aerospace and composites.
- AFP /ls
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