Shares of IBC Advanced Alloys Corp. (TSX-Venture:IB) (OTCQB:IAALF) are galloping as the leading beryllium and copper advanced alloys company announced that it had received purchase orders for beryllium alloy parts totaling more than $1.0 million U.S. that are used in Raytheon Technologies‘ (NYSE:RTX) Advanced Targeting Forward Looking Infrared (ATFLIR) system for the U.S. Navy’s F/A-18 Super Hornet aircraft.
The purchase orders represent new business for IBC and involve the production of several parts for the ATFLIR system, including the Pitch Gimbal Housing, over the next 18 months. The ATFLIR system is produced by Raytheon’s Intelligence & Space division.
Speaking on behalf of this announcement, Mark Smith, IBC’s CEO and Chairman stated, “The extraordinary cost-effectiveness of IBC’s near-net-shape beryllium-aluminum casting technology continues to attract more business to the Company from both defense and commercial manufacturers.”
As mentioned, shares of IAALF are up $0.016 or 8.89%, to $0.196 on the news and are quickly approaching their 52-week highs made just weeks earlier.