15th May 2014 09:23
LONDON (Alliance News) - Ultra Electronics Holdings PLC said Thursday its 3 Phoenix business had been awarded three contracts worth over USD21 million by the US Navy.
Under the contracts, the company will work on projects for torpedo-warnings systems, submarine-towed anti-submarine warfare arrays, and radar command and control software.
"I am pleased we have secured these important contracts. It is a reflection of the importance of the 'pivot to the Pacific' spoken about by the US Navy," said Chief Executive Rakesh Sharma in a statement, referring to the shift of American foreign policy towards an East Asian focus to counter the growing strength of China.
Shares in Ultra Electronics were trading down 0.2% at 1,763.00 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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