|[July 20, 2007]
TPI Composites and Armor Holdings Unveil Army's First All-Composite Military Vehicle
SPRINGFIELD, Ohio --(Business Wire)-- TPI Composites, Inc., a leading manufacturer of large-scale composite structures, and Armor Holdings, Inc. (NYSE:AH), a leading manufacturer and distributor of military vehicles, vehicle armor systems, and life safety and survivability systems, were joined by Congressman David Hobson (7th District-Ohio) today to unveil a new light-weight, all-composite HMMWV. The new vehicle, which is part of the U.S. Army's All Composite Military Vehicle program, will be the first of its kind.
The prototype vehicle was designed to demonstrate weight savings and durability in a tactical truck for the U.S. Army that can provide soldiers with maximum protection and performance. The vehicle is the result of an 18-month research and development program with the U.S. Army TARDEC and AM General. The vehicle will serve as a demonstration of how TPI can apply its composites technology to other military vehicles or vehicle components produced by Armor Holdings.
The All Composite Military Vehicle Program was a congressional initiative supported by Congressman Hobson. TPI's all-composite HMMWV saves approximately 900 pounds when compared to a current steel and aluminum HMMWV that is required to carry the same heavy armor. This weigh savings allows for the carriage of additional armor and other life-saving or important equipment.
"TPI is committed to applying its structural composite technology to support our soldiers," said TPI President and CEO Steven C. Lockard. "The light-weight, all-composite HMMWV is a great example of how advanced composite material and process technology can be applied to leapfrog our current vehicle platforms."
In addition to unveiling the composite HMMWV, TPI and Armor Holdings also announced today that it has entered a long term teaming agreement that will allow TPI's process technology to be used on vehicles or vehicle components supplied by Armor Holdings.
"Our strategic teaming with TPI represents our strong and consistent commitment to identify technological advancements and attain technological capabilities to provide our customers with lighter, stronger and/or more producible vehicles and survivability systems," said John J. Gatti, senior vice president and chief technology officer of Armor Holdings.
About TPI Composites, Inc.
TPI Composites, Inc., headquartered in Warren, Rhode Island, is a leading manufacturer of large-scale composite structures for the wind energy, transportation, and military vehicle markets. TPI operates factories in Warren, Rhode Island; Springfield, Ohio; Juarez, Mexico; and Taicang, China. For more information click on www.tpicomposites.com.
About Armor Holdings, Inc.
Armor Holdings, Inc. (NYSE: AH), listed number three on FORTUNE Magazine's 2006 "100 Fastest-Growing Companies List" and a member of the S&P Smallcap 600 Index, is a diversified manufacturer of branded products for the military, law enforcement and personnel safety markets. Armor Holdings Aerospace & Defense Group is a top supplier of human safety and survival systems to all branches of the U.S. military and major aerospace and defense prime contractors. Armor Holdings Products Group is a leading manufacturer of security products for law enforcement personnel around the world. Armor Holdings Mobile Security Division is the world's largest and most experienced passenger vehicle armoring manufacturers.
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