ARLINGTON, Va., Dec. 6, 2012 /PRNewswire/ -- ATK (NYSE: ATK) announced that it received a five-year, Indefinite Delivery, Indefinite Quantity (IDIQ) contract from the U.S. Army Contracting Command for the production of the MK 437 Multi-Option Fuze, Navy (MOFN). The contract has a maximum total value of $84.1 million. ATK has received the first order on this contract, for approximately $13 million. Deliveries are scheduled to begin in November 2013.
The MOFN increases the overall mission capability of 5-inch gun ammunition used on U.S. Navy ships by providing proximity, precision time, delay and point detonating impact functions in a single fuze. The inductive fuze setting feature also optimizes MOFN for use with automated ammunition handling equipment. MOFN will be used on projectiles fired in the MK 45 Single Lightweight Gun Mount on U.S. Navy cruisers and destroyers.
"ATK is pleased to add MOFN to our portfolio of fuze production programs. MOFN leverages ATK's design, development and production experience, providing the U.S. Navy with an affordable, reliable fuze for its 5/54 caliber ammunition," said Dave Fine, ATK's Director of Fuzing and Warhead programs.
"ATK has a strong program and manufacturing team dedicated to producing MOFN for the U.S. Navy," said Cary Ralston, vice president and general manager of ATK Missile Products Division. "This award reflects the tremendous dedication and commitment of our highly-skilled workforce and our industry partners."
Production of this fuze will occur at the Allegany Ballistics Laboratory (ABL) facility in Rocket Center, W. Va. ABL is a U.S. Navy-owned, ATK-operated facility specializing in advanced manufacturing technologies for a variety of programs supporting current and future U.S. industrial base needs in advanced fuzing and integration, conventional munitions assemblies, solid rocket motor propulsion, and advanced material structures.
ATK is an aerospace, defense, and commercial products company with operations in 21 states, Puerto Rico, and internationally. 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: changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; 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 any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.