Espey Mfg. & Electronics Corp. Announces New $29.5 Million Contract Award Supporting U.S. Navy’s Columbia Class Submarine Program
December 23 2024 - 2:39PM
Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces
new material contract.
The Company has been awarded a contract valued
at $29.5 million, when fully funded, to provide electric power
distribution panels for the U.S. Navy’s Columbia class submarines.
Espey was chosen by General Dynamics Electric Boat and the U.S.
Navy to manufacture components previously designed by Espey for the
next-generation ballistic missile submarine fleet. The Columbia
class submarine is a top priority for the U.S. Navy and was
designed to replace the fleet of Ohio class submarines. The
Columbia class submarines will be the largest ever built by the
United States and rely on a “first-of-its-kind” electric drive
propulsion system. Deliveries under the contract are expected
through calendar year 2030 for the next 4 of 12 planned ships.
Mr. David O’Neil, President and CEO, commented,
We are proud to be a continued supplier to
General Dynamics Electric Boat and the U.S. Navy on this very
important program. This award would not be possible without the
amazing dedication of our world class employees. Congratulations to
them on a job well done. This follow-on order also supports our
strategy focused on investing in programs that enable US military
superiority.
Espey's primary business is the development, design, and
production of specialized military and industrial power
supplies/transformers. The Company can be found on the internet at
www.espey.com.
For further information, contact Ms. Katrina Sparano at
invest@espey.com.
This press release may contain certain
statements that are "forward-looking statements" and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
represent the Company's current expectations or beliefs concerning
future events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those set forth in the forward-looking
statements. The Company wishes to caution readers not to place
undue reliance on any such forward-looking statements, which speak
only as of the date made.
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