Sparton Corporation (NYSE:SPA) and Ultra Electronics Holdings plc (ULE) announce the award of subcontracts valued at $87 million to their ERAPSCO joint venture, for the manufacture of sonobuoys for the United States Navy. The award is a GFY15 ERAPSCO Indefinite Delivery Indefinite Quantity (IDIQ) contract release for sonobuoy requirements under ERAPSCO’s five year contract. ERAPSCO will provide production subcontracts in the amount of $47 million and $40 million to Ultra Electronics USSI and Sparton DeLeon Springs, LLC respectively. Production will take place at Ultra Electronics USSI’s Columbia City, IN facility and Sparton’s DeLeon Springs, FL facility and is expected to be completed by March 2017.
“I am pleased that we have secured this important contract that will continue to provide critical sensor capabilities to the U.S. Navy. This contract is a reflection of the increased focus on anti-submarine warfare and ‘pivot to the Pacific’ spoken about by the U.S. Navy,” stated Rakesh Sharma, Chief Executive of Ultra Electronics.
“We are firmly committed to the development of innovative technology and to providing the U.S. Navy with the highest quality products that help further its mission,” stated Cary B. Wood, President and Chief Executive Officer of Sparton.
Key data points: The market size in 2031 = $22.4 billion, growth forecast = 2.5% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities, and forecasts in the global turret system market to 2031 by platform (land, naval, and airborne), type (manned turret and unmanned turret), component (turret drive, turret control, and stabilization unit), and region (North America, Europe, Asia Pacific, and the Rest of the World)
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