Sparton Corporation and USSI Joint Venture (SonobuoyTech Systems) Awarded $8.8M in Direct Foreign Sales Contracts
SCHAUMBURG, Ill. & FORT WAYNE, Ind.--(BUSINESS WIRE)-- Sparton Corporation (NYS: SPA) and USSI, a subsidiary of Ultra Electronics Holdings plc (ULE) announce the award of subcontracts valued at $8.8 million from their ERAPSCO/SonobuoyTech Systems joint venture, for the manufacture of multiple Passive and Active Sonobuoys to the South Korean Government. ERAPSCO/SonobuoyTech Systems will provide manufacturing subcontracts in the amount of $8.8 million to Sparton Electronics Florida. Production will take place at Sparton's DeLeon Springs, FL facility and is expected to be completed by March, 2014.
ERAPSCO/SonobuoyTech Systems was awarded this contract for Passive and Active sonobuoys that are used for detection, classification, and localization of adversary submarines during peacetime and combat operations.
ERAPSCO/SonobuoyTech Systems pleased to have been selected to assist South Korea's efforts in protecting its borders by providing the leading-edge products developed by our joint venture partners. We welcome opportunities to play a role in the defense activities of our foreign allies and the expansion of the number of contracts we've received from foreign nations demonstrates ERAPSCO's deliberate progress into markets outside the U.S.
About Sparton Corporation
Sparton Corporation (NYS: SPA) , now in its 113th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical, Military & Aerospace, and Industrial & Instrumentation. Headquartered in Schaumburg, IL, Sparton currently has six manufacturing locations worldwide. Sparton's website may be accessed at www.sparton.com.
Further information about Ultra:
Ultra Electronics is an internationally successful defence, security, transport and energy company with a long, consistent track record of development and growth. Ultra businesses constantly innovate to create solutions to customer requirements that are different from and better than those of the Group's competitors. The Group has over one hundred and eighty distinct market or technology niches within its twenty eight businesses. The diversity of niches enables Ultra to contribute to a large number of defence, aerospace and civil platforms and programmes and provides resilience to the Group's financial performance.
Ultra has world-leading positions in many of its niches and, as an independent, non-threatening partner, is able to support all of the main prime contractors with specialist capabilities and solutions. As a result of such positioning, Ultra's systems, equipment or services are often mission-critical to the successful operation of the platform to which they contribute. In turn, this mission-criticality secures Ultra's positions for the long term which underpin the superior financial performance of the Group.
Ultra offers support to its customers through the design, delivery and support phases of a programme. Ultra businesses have a high degree of operational autonomy where the local management teams are empowered to devise and implement competitive strategies that reflect their expertise in their specific niches. The Group has a small head office and executive team that provide to the individual businesses the same agile, responsive support that they provide to customers as well as formulating Ultra's overarching, corporate strategy.
Safe Harbor and Fair Disclosure Statement
Certain statements described in this press release are forward-looking statements within the scope of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "will" or "intend" and similar words or expressions. These forward-looking statements reflect Sparton's current views with respect to future events and are based on currently available financial, economic and competitive data and its current business plans. Actual results could vary materially depending on risks and uncertainties that may affect Sparton's operations, markets, prices and other factors. Important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, Sparton's financial performance and the implementations and results of its ongoing strategic initiatives. For a more detailed discussion of these and other risk factors, see Part I, Item 1A, Risk Factors and Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in Sparton's Form 10-K for the year ended June 30, 2012, and its other filings with the Securities and Exchange Commission. Sparton undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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KEYWORDS: United States Asia Pacific North America Illinois Indiana South Korea
The article Sparton Corporation and USSI Joint Venture (SonobuoyTech Systems) Awarded $8.8M in Direct Foreign Sales Contracts originally appeared on Fool.com.
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