Manroy, the UK manufacturer of machine guns, has revealed the US Department of Defense has exchanged contracts worth a total of 6.6m pounds with Manroy USA (MUSA)in which Manroy owns a 49 per cent interest.
The new agreements replace unfulfilled contracts placed by the DoD with Sabre Industries, whose assets were acquired by MUSA in March 2011.
The contract awards include £4.9m of M2 heavy machine gun barrels and bolts as well as a further £1.6m of M16 weapons.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Glyn Bottomley, Manroy's Chief Executive, said: "The (exchange) of these contracts to MUSA and the accreditation of its production capabilities is a major step forward in our planned expansion into the US defence market.
BS
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
