SCHAUMBURG, Ill. �
March 17, 2015 - Sparton Corporation (NYSE:
SPA)
announced that its wholly owned subsidiary, Sparton of
Canada, Ltd. completed the acquisition of
Stealth.com
Inc.,
on March 16, 2015 in an all-cash transaction.
Founded in 1990,
Stealth.com, located in Woodbridge, Ontario, is a
build-to-order, specialty configurator of high
performance ruggedized industrial grade computers
systems and peripherals that include mini PCs, rackmount
server PCs, portable PCs, and LCD touch screen displays.
These products service Military, Government, Industrial,
and Commercial markets.
"The addition of
Stealth.com meets the criteria of our growth strategy by
further expanding our engineered components and products
offering in the ruggedized electronics space" stated
Cary B. Wood, president and chief executive officer of
Sparton. "Stealth.com complements our existing offerings
under Aydin Displays and KEP Marine, allowing us to
serve a wider breadth of customers with a greater depth
of products and services."
"We are looking forward
to joining Sparton and taking the next step in the
evolution of Stealth.com," commented Ed Boutilier,
president of Stealth.com. "We have been impressed by the
leadership, their strategies for growth, and the
complement of product lines that we will join under
Sparton's Engineered Components & Products (ECP)
business unit."
"Stealth.com marks the
fourth acquisition in a market space where we did not
have a presence 15 months ago. We have amassed a
business in which we expect synergies to benefit both
our customers, our operations, and our product
development. We expect Stealth.com's revenue to enhance
the Company�s Engineered Components & Products segment
EBITDA and be accretive to earnings within the next 9 -
12 months, once integration activities are completed,�
Mr. Wood concluded.
The transaction was
funded through Sparton's borrowings under the credit
facility currently in place.
About Sparton
Corporation
Sparton Corporation
(NYSE: SPA), now in its 115th year, is a provider of
complex and sophisticated electromechanical devices with
capabilities that include concept development,
industrial design, design and manufacturing engineering,
production, distribution, field service, and
refurbishment. The primary markets served are Medical &
Biotechnology, Military & Aerospace, and Industrial &
Commercial. Headquartered in Schaumburg, IL, Sparton
currently has nine manufacturing locations and four
engineering design centers worldwide. Sparton's Web site
may be accessed at
www.sparton.com.
Safe Harbor and Fair
Disclosure Statement
Safe Harbor statement
under the Private Securities Litigation Reform Act of
1995: To the extent any statements made in this release
contain information that is not historical, these
statements are essentially forward-looking and are
subject to risks and uncertainties, including the
difficulty of predicting future results, the regulatory
environment, fluctuations in operating results and other
risks detailed from time to time in Sparton's filings
with the Securities and Exchange Commission (SEC). The
matters discussed in this press release may also involve
risks and uncertainties concerning Sparton's services
described in Sparton's filings with the SEC. In
particular, see the risk factors described in Sparton's
most recent Form 10K and Form 10Q. Sparton assumes no
obligation to update the forward-looking information
contained in this press release.
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