Sparton Corporation (NYSE: SPA) and USSI, a subsidiary of
Ultra Electronics Holdings plc (ULE) announce the award of subcontracts
valued at $2.8 million from their ERAPSCO/SonobuoyTech Systems joint
venture. Production to fulfill these contracts will take place at
Sparton’s DeLeon Springs, FL facility and is expected to be completed by
June 2014.
ERAPSCO/SonobuoyTech Systems was awarded this contract option to support
the Japan Defense Maritime Forces exercises as planned with the U.S.
Navy and other RIMPAC participants. These passive and active sonobuoys
are used for detection, classification, and localization of adversary
submarines during peacetime and combat operations.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 114th 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 Group’s competitors. The Group has over one hundred
and eighty distinct market or technology niches within its twenty nine
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, 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.
Distribution Statement A – “Approved for public release; distribution
is unlimited”
Copyright Business Wire 2013