SCHAUMBURG, Ill.–(BUSINESS WIRE)–Oct. 5, 2015– Sparton Corporation (NYSE: SPA) today announced the closing of its Lawrenceville, GA manufacturing operations no later than June 30, 2016. The closing is in-line to actions being taken related to acquisition synergies that optimize our facility footprint.
“While this decision was extremely difficult, it is critical for us to take the steps necessary to ensure the long-term viability of the Company,” said Cary Wood, CEO. “We have been faced with excess capacity for some time now and we need to optimize our manufacturing resources to a much more competitive level.”
The Lawrenceville facility was acquired as part of the Hunter Technology acquisition in April 2015 and has been operating within the Manufacturing & Design Services (MDS) segment. Products currently manufactured in Lawrenceville will be transferred to the Company’s other MDS facilities. Customer orders will not be affected by the transfer to other facilities.
The closing affects 82 employees and Sparton will work with various State and local agencies to provide displaced employees with job search assistance, basic skills training and counseling.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 116th 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 fifteen manufacturing locations and engineering design centers worldwide. Sparton’s Web site may be accessed at https://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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