Sparton jointventure nets $53.7 million Navy contract

SCHAUMBURG - A joint venture of Sparton Corp. and Ultra Electronics Holdings plc has been awarded subcontracts valued at $53.7 million to produce sonobuoys for the U.S. Navy.

Under the five-year contract. the joint venture, known as ERAPSCO, will provide production subcontracts in the amount of $26.1 million and $27.6 million to build sonobuoys at Ultra Electronics USSI's Columbia City, Indiana facility and Sparton's De Leon Springs, Florida facility. The project is expected to be completed by September 2017.

"I am pleased that we have secured this important contract that will continue to provide critical sensor capabilities to the U.S. Navy," said Rakesh Sharma, chief executive of Ultra Electronics. "This contract is a reflection of the increased focus on anti-submarine warfare and the U.S. Navy's commitment to providing key technology for this important mission,"

Sparton Interim President and Chief Executive Joseph Hartnett said the company was "grateful for the confidence the U.S. Navy has demonstrated in Sparton by awarding this contract.

"We remain committed to delivering high performance product solutions to enable their success in undersea warfare missions today and in the future," Harnett said.