The Allied Defense Group Receives Ammunition Contracts Valued at $10.7 MIllion
Windsor, Alberta 10/28/2009 05:15 PM GMT (TransWorldNews)
The Allied Defense Group, Inc.'s (AMEX: ADG) subsidiary Mecar USA has received ammunition contracts which total $10.7 million. The largest contract is an ammunition services order to provide Non-Standard Ammunition for the security forces of Afghanistan. The first order of the contract is worth about $10.1 million, with the potential for subsequent orders over the next three years. Work on the first order will begin immediately and should be completed halfway through 2010.
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The Allied Defense Group, Inc. (Allied) is a multinational defense business focused on the manufacture and sale of ammunition and ammunition related products for use by the United States and foreign governments. Allied’s strategic business is conducted by its two wholly owned subsidiaries: MECAR S.A. (Mecar) and MECAR USA, Inc. (Mecar USA). Mecar develops and manufactures ammunition and has some smaller portion of its revenue based on service type activities, such as selling ammunition manufactured by other parties, consulting on the development of manufacturing facilities, and providing sales representation to weapon systems manufacturers. In the fourth quarter of 2008, the Company committed to a formal plan to divest the last remaining business in the ES segment, News/Sports Microwave Rental, Inc. (NSM).
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