SCHAUMBURG, Ill.--(BUSINESS WIRE)--Mar. 29, 2012--
Sparton Corporation (NYSE: SPA) today announced the award
of subcontracts valued at $24.9 Million, for the manufacture of three
types of sonobuoys for the United States Navy as part of the Company’s
ERAPSCO joint venture. Production will be performed at Sparton’s DeLeon
Springs, Fla., facility and is expected to be completed by January 2014.
The Company was awarded an $18.1 million contract for the AN/SSQ-53F
sonobuoy, a passive acoustic sensor used for detection, classification,
and localization of adversary submarines during peacetime and combat
operations. A contract in the amount of $4.7 million was awarded for the
AN/SSQ-62E DICASS sonobuoy, an active acoustic sensor used in the final
localization and attack phase of submarine prosecutions and the Company
received a $2.1 million contract for the AN/SSQ-36B sonobuoy that
measures the temperature profile of a water column providing sonar
propagation and acoustic range prediction.
ERAPSCO is a joint venture between Sparton and USSI, a subsidiary of
Ultra Electronics Holdings PLC. Under the ERAPSCO subcontract, Sparton
will produce 30,555 sonobuoys. The types of sonobuoys to be produced are
AN/SSQ-53F, AN/SSQ-62E, and AN/SSQ-36B which are used to support the
United States Naval Antisubmarine Forces. The primary purpose of a
sonobuoy is to detect acoustic emissions or reflections from potentially
hostile submarines and transmit these signals to US Navy airborne
antisubmarine warfare forces.
“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,” 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 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.
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.
NAVAIR Public Release #2012-410
Distribution Statement A – “Approved for public release; distribution
is unlimited”
Source: Sparton Corporation
Analysts:
Sparton Corporation
Greg Slome, 847-762-5812
gslome@sparton.com
or
Media:
Sparton
Corporation
Mike Osborne, 847-762-5814
mosborne@sparton.com
or
Investors:
Institutional
Marketing Services
John Nesbett/Jennifer Belodeau, 203-972-9200
jnesbett@institutionalms.com
