SCHAUMBURG, Ill., Sep 06, 2011 (BUSINESS WIRE) --
SpartonCorporation (NYSE: SPA) is announcing a United
States Navy award of an $8.9 million subcontract for sonobuoy design
enhancements under the High Altitude Anti-Submarine Warfare (HAASW)
Technology Development program. Tasks to develop, integrate and test a
digital data link and Global Positioning System (GPS) into the
AN/SSQ-101A production sonobuoy and a Global Positioning System and
analog data link in the AN/SSQ-53 and AN/SSQ-62 sonobuoys are included
as part of the program. Under the Company's ERAPSCO joint venture, these
engineering design services will be performed at the Sparton DeLeon
Springs, Florida facility and are expected to be complete by February
2013. ERAPSCO is a joint venture between Sparton and USSI, a subsidiary
of Ultra Electronics Holdings PLC.
HAASW modified sonobuoys, including a new AN/SSQ-101A digital data link
and the addition of GPS, significantly augments the ASW mission for the
new P-8 Poseidon aircraft and the worldwide capability of other U.S.
Navy aircraft platforms. As part of the Technology Development effort,
ERAPSCO will build a small quantity of the HAASW modified sonobuoys to
support U.S. Navy tests. Qualification of the ERAPSCO built HAASW
modified sonobuoy is anticipated in subsequent contracts.
"Sparton is firmly committed to the development of innovative technology
and to supplying the U.S. Navy with quality products that help secure
our borders. We are proud to continue in our role as a technology
partner for the U.S. Navy for this next generation product," said Cary
Wood, president and CEO, Sparton Corporation.
Currently headquartered in Schaumburg, Sparton is the only U.S.-owned
designer and manufacturer of sonobuoys for the U.S. Navy.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 111th 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.
The primary market classifications served are Navigation & Exploration,
Defense & Security, Medical, and Complex Systems. Headquartered in
Schaumburg, IL, Sparton currently has five manufacturing locations
worldwide. Sparton's Web site may be accessed at http://www.sparton.com.
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.
SOURCE: Sparton Corporation
Greg Slome, (847) 762-5812
Mike Osborne, (847) 762-5814
Institutional Marketing Services
John Nesbett/Jennifer Belodeau