FOR IMMEDIATE RELEASE
Sparton Corporation and Ultra Electronics USSI Joint Venture for Sonobuoy Tech Systems Awarded $17.4M in Foreign Sales Contracts
Sparton Corporation (NYSE: SPA) and Ultra Electronics USSI, a subsidiary of Ultra Electronics Holdings plc (ULE), announce the award of subcontracts valued at $17.4 million from their ERAPSCO/SonobuoyTech Systems joint venture. ERAPSCO/SonobuoyTech Systems will provide manufacturing subcontracts in the amount of $11.2 million to Ultra Electronics USSI and $6.2 million to Sparton DeLeon Springs, LLC. Production will take place at Ultra Electronics USSI’s Columbia City, IN facility and Sparton’s DeLeon Springs, FL facility.
ERAPSCO/SonobuoyTech Systems were awarded multiple foreign contracts for the manufacture of Passive and Active sonobuoys in support of multiple underwater missions for detection, classification, and localization of adversary submarines during peacetime and combat operations.
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Further information Sparton Corporation:
Sparton Corporation (NYSE:SPA), now in its 117th 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 & Biotechnology, Military & Aerospace and Industrial & Commercial. Headquartered in Schaumburg, Illinois, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. Sparton's Web site may be accessed at www.sparton.com.
About Ultra Electronics: Ultra Electronics is a group of businesses which manage a portfolio of specialist capabilities, generating highly differentiated solutions and products in the defence & aerospace, security & cyber, transport and energy markets by applying electronic and software technologies in demanding and critical environments to meet customer needs.
Ultra has world-leading positions in many of its specialist capabilities and, as an independent, non-threatening partner, is able to support all of the main prime contractors in its sectors. As a result of such positioning, Ultra’s systems, equipment or services are often mission or safety-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 underpins 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.
Across the Group’s three divisions, Ultra operates in the following eight market segments:
• Underwater Warfare
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, 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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