National Technical Systems, Meggitt PLC Sign Wide-Ranging Business Alliance Five-Year General Services Agreement Makes NTS Main Provider of Outsourced Testing, Engineering, Other Services for International Engineering Group
CALABASAS, Calif., Nov. 4, 2013 /PRNewswire/ -- National Technical Systems, Inc. (NASDAQ: NTSC) (NTS), a leading provider of testing and engineering services, announced today that it has signed a wide-ranging national general services agreement with Meggitt PLC, a UK-based global engineering group that specializes in extreme environment components and sub-systems for aerospace, defense and energy markets.
The five-year agreement allows NTS to be a main provider of outsourced services for Meggitt including testing, program management and engineering. Meggitt will regularly provide NTS with a list of upcoming projects and details for work opportunities scheduled to be outsourced.
The agreement is based on a longstanding business partnership between NTS and Meggitt. While the new agreement covers a variety of markets, including aerospace, defense and industrial projects, most of the work NTS has performed in the past has been civil aerospace-related.
The services NTS will provide Meggitt include engineering of test plans, procedures, fixture and complex test setups, data acquisition and controls, and reports. NTS and Meggitt will hold quarterly governance meetings to ensure that proper collaboration and process improvements are taking place, said William McGinnis, President and CEO of NTS.
"Meggitt is an engineering company that is well-respected internationally and we look forward to expanding our business relationship with them," McGinnis said. "This agreement gives NTS the opportunity to provide Meggitt new and different services and our close collaboration with them will allow us to extend into additional areas of business outside our traditional commercial aerospace work. Our business relationship with Meggitt allows us to grow as they grow, and vice versa, and we believe this relationship will be beneficial to both parties in the future."
About Meggitt PLC
Headquartered in the United Kingdom, Meggitt PLC is an international group operating in North America, Europe and Asia. Known for its specialized extreme environment engineering, Meggitt is a world leader in aerospace, defense and energy. Meggitt employs nearly 11,000 people at more than 40 manufacturing facilities and regional offices worldwide.
About National Technical Systems
National Technical Systems, Inc. is a leading provider of engineering services to the aerospace, defense, telecommunications, automotive and high technology markets. Through a world-wide network of resources, NTS provides full product life-cycle support, offering world class design engineering, compliance, testing, certification, quality registration and program management. For additional information about NTS, visit the Company's website at www.nts.com or call 800-270-2516.
The statements in this press release that relate to future plans, events or performance, are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties pertaining to customer orders, demand for services and products, development of markets for the companies' services and products and other risks identified in the companies' SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The companies undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding National Technical Systems' business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
SOURCE National Technical Systems, Inc.