Defence group Ultra Electronics has announced that its USSI business, based in Indiana, US, has received US Navy contracts for sonobuoys through its joint venture with the Sparton Corporation that supplies all sonobuoys to the US Navy.
Under the contract, which is worth over $53m, production is scheduled to take place over a two-year period and is expected to be completed in January 2015.
Rakesh Sharma, Chief Executive Officer of Ultra, commented: "We have been able to secure this award because of our focus on constant product innovation coupled with high quality manufacturing and on-time delivery.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"We are delighted that that the US Navy continues to recognise the support it receives from USSI and [the joint venture with Sparton] by awarding this contract in an area of preferential funding at a time when the procurement process in the US is under increasing pressure. Awards such as this help maintain the group's order book and show the resilience that Ultra derives by fostering enduring customer relationships."
Sonobuoys are buoys which are equipped with an acoustic receiver and a radio transmitter. On detecting underwater sounds they deliver radio signals to the operator, providing information on objects such as submarines.
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published