MINNEAPOLIS, Sept. 13, 2011 /PRNewswire/ -- ATK (NYSE: ATK) announced today the receipt of a $16.2 million, two-year contract from Makina ve Kimya Endustrisi Kurumu (Mechanical and Chemical Industry Corporation or MKEK), on behalf of the Turkish Ministry of Defence, for 25mm tactical and training ammunition components.
ATK established MKEK as a producer of medium caliber munitions through a transfer of technology and manufacturing assistance agreement in 1999. This new contract falls under a 10-year extension signed in December 2010 that follows an already decade-long partnership to provide material licensing and technical assistance for the indigenous production of ATK's 25mm munitions in Turkey. Since 1999, ATK has received more than $40 million in orders from MKEK for training, equipment, technology transfers and 25mm components.
Materials for both tactical and training 25mm munitions, including the M792 HEI-T (High Explosive Incendiary with Tracer), M793 TP-T (Target Practice with Tracer), and M791 APDS-T (Armor Piercing Discarding Sabot with Tracer) are scheduled for delivery to MKEK beginning in 2012.
ATK's suite of 25mm ammunition offers the accuracy and penetration capabilities necessary to effectively defeat today's threats: ballistically-matched training rounds enable improved warfighter performance, while tactical rounds offer superior lethality and fire suppression capabilities for engagement of both light armor and personnel targets at extended ranges.
"We are committed to driving international growth in our medium-caliber ammunition business through both direct sales and strategic partnerships," said Dan Olson, Vice President and General Manager, ATK Integrated Weapons Systems. "We will continue to support MKEK and their efforts to expand Turkey's indigenous production capabilities, and are excited to develop similar relationships within other key market areas."
ATK is an aerospace, defense, and commercial products company with operations in 22 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 international ammunition sales; 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.