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
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
