StockMarketWire.com - Ultra Electronics said it and joint venture partner Sparton DeLeon Springs had won a contract worth up to $1.04bn for the manufacture of sonobuoys for the US Navy.

The contract, awarded to the company's Erapsco joint venture, provided the base year award of a five-year 'indefinite delivery indefinite quantity' contract.

Erapsco would provide production subcontracts in support of the Navy's 2019 financial year base-year delivery order, in the amount of $75.8m and $75.3m to Ultra Electronics and Sparton.

'I am very pleased that we have secured this important contract for Ultra and that we will continue to provide critical sensor capabilities to the US Navy for many years ahead,' Ultra chief executive Simon Pryce said.

'This contract is a reflection of the increased focus on anti-submarine warfare by the US Navy and Erapsco's strength and expertise in this area.'

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