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Contract Wins and Joint Ventures

Ultra Electronics bags £37m BAE contract

25 September 2017 13:29

Ultra Electronics has confirmed that its PMES business has been awarded a £37m contract by BAE Systems Maritime-Submarines.

The contract, in relation to a UK naval defence programme, is for the final development and production of a hybrid Electric Propulsion System.

Under the contract, Ultra will provide the remaining non-recurring engineering and qualification of the system, as well as an initial provision of equipment for the programme. The system provides an alternate and more efficient propulsion option to main engines and forms part of the Emergency Propulsion capability.

This is the second of the three major contracts expected by the Group in the second half of the year. The first contract to supply the Indian Navy with new naval defence systems was announced in July.

At 1:29pm: (LON:ULE) Ultra Electronics Holdings PLC share price was -10p at 1761p

Story provided by StockMarketWire.com

Related Company: ULE

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