Advanced materials company Quickstep Holdings Ltd (ASX:QHL) has reached a deal with global aerospace corporations Lockheed Martin Corporation and Northrop Grumman Systems Corp in an effort to secure in excess of $700 million worth of potential contracts to manufacture components for the new 5th generation, multi-national Joint-Strike fighter F-35 JSF.

Quickstep says the Australian Federal Government is planning to acquire 100 of the aircraft, with the contract predicted to stimulate Australia’s engineering and technical industries.

The company says it has signed a memorandum of understanding with Lockheed Martin and Northrop Grumman Systems to build key components for the Joint Strike Fighter.

The company says that the contract is a milestone for Australia, and will allow Australia a bigger slice of the International defense market.

Quickstep Holdings has posted net losses in the last five years.