EDO Corporation Awarded Subcontracts Totaling up to $2.6 Million for U.S. Navy Attack Submarine Sonar and Communications Products.NEW YORK--(BUSINESS WIRE)--Jan. 8, 1998--EDO Corporation (NYSE NYSE See: New York Stock Exchange :EDO Edo: see Tokyo, Japan. ) announced today that it has been awarded two subcontracts to supply underwater sonar hydrophone hydrophone (hī`drəfōn'), device that receives underwater sound waves and converts them to electrical energy; the voltage generated can then be read on a meter or played through a loudspeaker. modules and communications systems for U.S. Navy attack submarines. The total value of the subcontracts, including options, is up to $2.6 million. The first subcontract was awarded by Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corporation for the development and production of large area underwater acoustic hydrophone modules for the new version of the U.S. Navy's wide aperture array sonar systems to be used in both the New Attack Submarine and for retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in into the existing Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Class of attack submarines. EDO also was awarded a contract by Raytheon Company to supply a modified version of EDO's Model 5400 underwater communications transceivers for the New Attack Submarine. Frank A. Fariello, chairman, president and chief executive officer of EDO Corporation EDO Corporation (NYSE: EDO) is an American company that designs and manufactures products for defense, intelligence, and commercial markets, and provides related engineering and professional services. It employs 4,000 people worldwide and had revenues of $715 million in 2006. , said, "These subcontracts from Northrop Grumman and Raytheon are the latest signs of the success of our strategy to apply EDO's advanced underwater acoustic technology to support innovative and cost-effective data acquisition, processing and display systems for the Navy's critical mission requirements. Selection of these products for the New Attack Submarine program, with its demanding performance and affordability requirements, bodes well for their potential in other major Navy submarine and surface ship classes." Both the hydrophone modules and the acoustic transceivers will be manufactured by EDO Acoustic Products, Salt Lake City, a leader in the design, development and manufacture of underwater acoustic communication and navigation sensors and systems for the U.S. Navy and its prime contractors. Fariello noted that the Model 5400 award reflects the Navy's increasing reliance on commercial off-the-shelf Commercial off-the-shelf (COTS) is a term for software or hardware, generally technology or computer products, that are ready-made and available for sale, lease, or license to the general public. (COTS) technology to reduce costs and shorten development time for new defense systems. EDO Corporation designs and manufactures advanced electro-optical, electronic, mechanical, acoustic and composite products for the defense and aerospace industries. The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, demand and competition for the Company's products, and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. CONTACT: Agency Contact Neil Berkman, 310/277-6162 nberkman@compuserve.com or Company Contact EDO Corporation William J. Frost, 212/716-2006 http://www.edocorp.com |
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