CHARLOTTE, Mich., June 8 /PRNewswire-FirstCall/ -- Spartan Motors Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), has been awarded multiple subcontract orders in excess of $27 million from defense contractor BAE Systems, to support the production of advanced tactical vehicles under the Medium Mine Protected Vehicle (MMPV) program.
John Sztykiel, President and CEO of Spartan Motors, said: "These subcontracts provide validation that Spartan has a definitive role in the defense business. Spartan clearly possesses the agility to efficiently and effectively provide major customers like BAE Systems with the high-quality, unique components needed to produce mission capable, yet life-saving, vehicles."
Under the terms of the MMPV subcontract, the Michigan-based custom chassis manufacturer will supply to BAE Systems, powertrain kits and components to support the production of the vehicles at Letterkenny Army Depot located in Pennsylvania. This subcontract is to begin in June 2010 and be completed by the end of the first quarter 2011.
Sztykiel added: "Smaller contracts such as these are in direct alignment with Spartan's strategic and operational strengths. Spartan is known and has been publicly recognized for its reliability, speed of manufacturing, and effectively supporting customer needs related to parts and assemblies."
In addition to this new award, Spartan also continues its ongoing support of MRAP prime contractors and the U.S. Government by providing spare/replacement parts for many of the MRAP vehicles built at Spartan since 2005.
About Spartan Motors Chassis, Inc.
Spartan Motors Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), is a world-class leader in the engineering, manufacturing and marketing of chassis and aftermarket parts for emergency-response, outdoor recreation/RV, defense and specialty vehicles. End users of our products recognize - and request - the Spartan Chassis brand, which consistently delivers superior performance, exceptional safety ratings and technological innovations that distinguish us from our competitors. Visit Spartan Chassis on the web at www.spartanchassis.com.
About Spartan Motors, Inc.
Spartan Motors, Inc. (www.spartanmotors.com) designs, engineers and manufactures specialty chassis, specialty vehicles and truck bodies and aftermarket parts for the Outdoor Recreation/RV, emergency-response, defense, government services, delivery and service markets. The Company's brand names - Spartan™, Crimson Fire™, Crimson Fire Aerials™, Road Rescue™ and Utilimaster® - are known for quality, value, service and being the first to market with innovative products. The Company employs approximately 1,600 at facilities in Michigan, Pennsylvania, South Carolina, South Dakota, Indiana and Texas. Spartan reported sales of $430 million in 2009 and is focused on becoming a global leader in the manufacture of specialty vehicles and chassis.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. Forward looking statements are identifiable by words such as "believe," "anticipate," "will," "sustain," and "continue." These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. For example, we may encounter unforeseen difficulties and challenges in entering new markets or in pursuing strategic acquisitions. In addition, technical and other complications may arise that could prevent the timely implementation of our plans or that may impact the expected outcome of those plans. As a result, actual results and future events could differ materially from those anticipated in such statements. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Annual Report on Form 10-K filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov). Government contracts and subcontracts typically involve long payment and purchase cycles, competitive bidding, qualification requirements, delays or changes in funding, extensive specification development and changes, price negotiations and milestone requirements. An announced award of a governmental contract is not equivalent to a finalized executed contract and does not assure that orders will be issued and filled. Government agencies also often retain some portion of fees payable upon completion of a project and collection of contract fees may be delayed for long periods, which can negatively impact both prime contractors and subcontractors. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Spartan Motors, Inc.