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EUR7m Contract Signed Between HAI & Agusta Westland

29 January 2008

A EUR7 million contract was signed last week between Hellenic Aerospace Industry's (HAI) CEO Mr. Tassos Philippakos and Agusta's Westland Senior Vice President of procurement & supply chain Mr. Aldo Gianni at HAI's facilities in Tanagra.

The new contract concerns the manufacturing of 52 composite rear ramp door assemblies of the Agusta NH -90 Helicopter, {the construction of NH-90 Helicopter is under the companies collaboration "Nato Helicopters Industry (NHI)" and Augusta Westland is a member of this collaboration} and has a horizon of 5 years from contract signature.

This agreement constitutes the second major program for HAI's recently inaugurated Composites Manufacturing Facility. The first one was signed between Eurocopter and HAI.

HAI through this agreement obtains significant benefits because it will strengthen company's competitiveness, business prospects and strategic re-orientation towards the global market, taking into consideration that the metal parts of the next generation aircraft are gradually replaced by composites materials by 70% and this trend is rapidly increasing through the years.

During the official signature ceremony, Mr. Tassos Philippakos underlined the significant benefits of by this agreement and pointed: "HAI's Composites Manufacturing Facility will gain a significant workload by this contract. Moreover this agreement will further expand HAI's business orientation, will strengthen company's competitiveness and enhance the prospects for new cooperation with Agusta Westland. Besides that, this contract indicates the trust and the recognition that Agusta Westland shows to HAI's services taking into consideration that Agusta Westland is a company which is leader in the Helicopters market, on worldwide".

This new agreement - said Mr. Aldo Gianni, - "Is an important step for Agusta Westland since it gives us the opportunity to widen the collaboration with HAI. Agusta Westland considers HAI a reliable partner which has developed important skills and infrastructures in the sector of composites materials technology. This collaboration also adds important business and creates major prospects of contracting and consolidating a long-lasting and particularly advantageous business relationship between Agusta Westland and HAI".