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IBC nets 3-year contract from Lockheed to produce key fighter jet component

Beryllium and copper advanced alloys company IBC Advanced Alloys Corp. secured a new contract from Lockheed Martin Corp. to manufacture azimuth gimbal housings, which are a key component for the F-35 Lightning II's Electro-Optical Targeting System.

The contract is valued at a minimum US$7.8 million and runs for three years, according to a May 22 release.

According to IBC, the units will be made of its Beralcast beryllium-aluminum alloy. The company has manufactured this part for Lockheed Martin since 2015.

IBC's stock was up by more than 11% on the TSX Venture Exchange at market close.