Sparton Corporation (NYSE: SPA), now in its 115th year, is a provider of 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 twelve manufacturing locations and five engineering design centers worldwide (Description according to the company’s website, see here: www.Sparton.com). SNNLive caught up with Cary Wood, President and CEO of Sparton Corp. at the B. Riley & Co. Investor Conference 2015 in Hollywood, CA.
Mr. Wood begins with an overview of the company and continues with an example of a typical client, “We deal with a good number of medical clients. We help them design products from the very first stage of concept all the way through to manufacturing, field service; the full life cycle of a product, but our largest customer by far is the U.S. Navy and the Department of Defense, and some of the sporting agencies around anti-submarine warfare.”
Mr. Wood goes on to provide an update since we last spoke with him in September 2014 (See here: Sparton Corp. – Manufacturing Services in the Defense, Military, Aerospace, and Medical End Markets: Discusses Recently Awarded US Navy Contract), “Since we’ve last gotten together, we’ve done seven (7) acquisitions, so we’ve been quite busy. We’ve done half of those in the engineering components and products segment augmenting our anti-submarine warfare program with the Argotec acquisition. We brought on a handful of ruggedized electronics assets with Stealth(.com) and IED and KEP Marine. We’re tying that out with an acquisition we made a year ago with now a full-on platform in the ruggedized electronics space. We bought an acquisition in the Northern California geography, Hunter Technologies, almost $100 million business – gives us that region we’ve been looking to get into. We’ve also acquired some assets in Southern California. So, where we finished our year in fiscal ’14 at roughly $300 million in revenue, we’re closer to half-a-billion (dollars) these days, so we’re quite busy.”
Mr. Wood then explains why the company has been making the amount of acquisitions in this relatively short time frame, as well as the integration of all these acquisitions.
Since speaking with Mr. Wood, the company has made the following announcements:
For more information about Sparton Corp., go to: www.Sparton.com
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