Sparton, USSI JV awarded $13.3M in direct foreign sales contract Sparton Corporation and USSI, a subsidiary of Ultra Electronics Holdings plc announce the award of subcontracts valued at $13.3M from their ERAPSCO/Sonobuoy TechSystems joint venture. The contract is for the manufacture of Passive and Active Sonobuoys in support of multiple international awards for exercises planned with the U.S. Navy as well as independent training and exercises as sanctioned under export regulations. ERAPSCO/Sonobuoy TechSystems will provide manufacturing subcontracts in the amount of $5.6M to Sparton Electronics Florida, Inc. and $7.7M to USSI. Production will take place at Spartonís De Leon Springs, FL facility and USSIís Columbia City, IN facility with completion planned by June.
Sparton upgraded to Outperform from Market Perform at Barrington Barrington upgraded Sparton to Outperform with a $31 price target saying the company's new fiveĀ]year plan should drive share appreciation.