Espey Mfg. & Electronics Corp. Announces Additional New $19.8 Million Contract Award Supporting U.S. Navy’s Virginia and Columbia Class Submarine Programs
Rhea-AI Summary
Espey Mfg. & Electronics Corp. (NYSE American: ESP) has secured an additional $19.8 million contract to manufacture electrical power transformers for the U.S. Navy's Virginia and Columbia class submarines. The contract, awarded by General Dynamics Electric Boat and the U.S. Navy, involves components previously designed and supplied by Espey for both submarine classes.
The Columbia class submarine program, a top priority for the Department of Defense, aims to replace the existing Ohio class ballistic missile submarines. The company's primary business focuses on developing specialized military and industrial power supplies/transformers.
AI-generated analysis. Not financial advice.
Positive
- Secured new $19.8 million contract for U.S. Navy submarine programs
- Continuation of existing successful relationship with General Dynamics Electric Boat
- Strategic alignment with high-priority Department of Defense programs
Negative
- None.
News Market Reaction – ESP
On the day this news was published, ESP gained 10.95%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SARATOGA SPRINGS, N.Y., April 10, 2025 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces an additional new contract.
The Company has been awarded an additional contract valued at
Mr. David O’Neil, President and CEO, commented,
We continue to be a proud supplier to General Dynamics Electric Boat and the Department of Defense on this essential program. This award and the established relationship with our customer wouldn’t be possible without the hard work and dedication of our employees. Our strategy remains focused on supporting programs which continue to enable the US military and this award aligns perfectly with that goal. Congratulations to our team on another job well done.
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. Kaitlyn O’Neil 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.
