6th Jun 2014 06:46
LONDON (Alliance News) - Ultra Electronics Holdings PLC said Friday its Ocean Systems business has won a three-year contract with the US Navy worth more than USD19 million over three years.
Under the contract, the business will produce naval acoustic electromechanical beacons, which are designed to counter torpedo threats. The contract contains an initial year and options for 2015 and 2016.
In May Ultra Electronics won three contracts worth over USD21 million with the US Navy for torpedo warnings systems, submarine-towed anti-submarine warfare arrays, and radar command and control software.
Chief Executive Rakesh Sharma said that the contract wins reflected the importance of the "pivot to the Pacific" discussed by the US Navy, referring to the shift of American foreign policy towards East Asian to counter the growing strength of China.
Shares in Ultra Electronics are not yet traded Friday. It closed Thursday at 1,829.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ULE.L