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Contract Wins and Joint Ventures

Ultra Electronics awarded India contract

24 July 2017 09:35

Ultra Electronics' Canada-based business Maritime Systems has been awarded a contract from the Indian Ministry of Defense to supply the Indian Navy Defence Systems.

Maritime Systems, supported by its sister business Command and Sonar Systems in Greenford, UK and partner Mahindra Defence Systems in Delhi, India, will deliver systems based on Ultra's Sea Sentor product.

Ultra Electronics said that due to the initial engineering phase and time to place sub-contracts, the order will not make a meaningful contribution to 2017 revenue.

The contract will be executed over the next three years with a greater weighting to the second half of this period as production deliveries are made.

At 9:35am: (LON:ULE) Ultra Electronics Holdings PLC share price was -6.5p at 2015.5p

Story provided by StockMarketWire.com

Related Company: ULE

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