New Round adds to ATK's Portfolio of Specialized Ammunition Products
MINNEAPOLIS, March 23, 2011 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) announced today that it has received a $49 million contract from the U.S. Navy to produce a new special operations ammunition round with improved accuracy, stronger barrier penetration, and a lower muzzle-flash. ATK Security and Sporting developed the round in partnership with the Naval Surface Warfare Center - Crane Division under the Special Operations Science and Technology (SOST) ammunition program.
The SOST ammunition will be manufactured in 5.56x45mm and 7.62x51mm calibers, and is short-barrel optimized. It is designed for use with the MK16 and MK17 Special Operations Combat Assault Rifle Weapon System. Production will be performed at ATK's Federal Premium Ammunition plant in Anoka, MN. Deliveries are expected to be completed in 2015.
"ATK is the clear leader in developing new ammunition technologies for commercial use," said Ron Johnson, President of ATK's Security and Sporting group. "We are now applying our research and development capability to satisfy the needs of our special operation forces."
The new SOST 5.56mm and 7.62mm ammunition adds to ATK's portfolio of specialized ammunition, including long-range products for both law enforcement and military applications.
ATK is an aerospace, defense, and commercial products company with operations in 24 states, Puerto Rico, and internationally, and revenues of approximately $4.8 billion. News and information can be found on the Internet at www.atk.com.
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: the challenges of developing specialized ammunition rounds; changes in governmental spending, budgetary policies and product sourcing strategies; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and its subsequent quarterly report on Form 10-Q and current reports on Form 8-K filed with the SEC.
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