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.
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
-
Ofgem could write off £500 million of energy debt for 195,000 households – would you be eligible?Energy debt costs the average billpayer on the Ofgem price cap £52 a year.
-
Magnificent Seven earnings previewA busy week for Magnificent Seven earnings kicks off with three big tech companies announcing results on one night. What should investors expect?
