Sparton Corporation and USSI Joint Venture (SonobuoyTech Systems) Awarded $2.6M in Direct Foreign Sales Contracts
SCHAUMBURG, Ill. & FORT WAYNE, Ind.--(BUSINESS WIRE)-- Sparton Corporation (SPA) and USSI, a subsidiary of Ultra Electronics Holdings plc (ULE) announce the award of subcontracts valued at $2.6 million to their ERAPSCO/SonobuoyTech Systems joint venture. The subcontracts will be provided to Sparton Electronics Florida and are for the manufacture of multiple Passive and Active Sonobuoys in support of the Japan Defense Maritime Forces exercises planned with the U.S. Navy as well as other RIMPAC participants. Production will take place at Spartons DeLeon Springs, FL facility and is expected to be completed by June 2012.
Cary Wood, President and CEO of Sparton Corporation, commented, ERAPSCO/SonobuoyTech Systems is pleased to have been selected to assist Japans efforts in protecting its borders by providing the leading-edge products developed by our joint venture partners. Passive and Active sonobuoys are used for detection, classification, and localization of adversary submarines during peacetime and combat operations. We welcome opportunities to play a role in the defense activities of our foreign allies and the increase in the number of contracts weve received from foreign nations demonstrates ERAPSCOs deliberate progress into markets outside the U.S.
About Sparton Corporation
Sparton Corporation, now in its 112th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, and field service to technology-driven companies in the medical device, defense & security systems, and electronic manufacturing services markets. Headquartered in Schaumburg, Ill., Sparton currently has four manufacturing locations worldwide. The Company's Web site may be accessed at http://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 Groups 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 Groups 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, Ultras 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 Ultras 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 Ultras 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 Spartons 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 Spartons 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, Spartons 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, Managements Discussion and Analysis of Financial Condition and Results of Operations, in Spartons Form 10-K for the year ended June 30, 2009, 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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Source: Sparton CorporationCopyright Business Wire 2012