Presto announces defense contract award - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Presto announces defense contract award

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Eau Claire (Press Release) - National Presto Industries, Inc. announced Tuesday that on March 26, 2013, AMTEC Corporation, its wholly owned subsidiary, received a $64.5 million option award under AMTEC's current five-year 40mm systems contract with the Department of the Army.

This is the first significant award it has received for the government's fiscal year ending September 30, 2013 (FY13) and additional awards are anticipated. Unlike prior years, when the award was split between AMTEC and its competitor, the entire amount placed under contract for FY13 has been awarded to AMTEC.

Deliveries under the option are scheduled primarily in 2014 and 2015. The option brings the cumulative amount awarded under the ongoing 40mm contract to $477.8 million.

National Presto Industries, Inc. operates in three business segments. The Housewares/Small Appliance Segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name, and is recognized as an innovator of new products. The Defense Segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, less than lethal munitions and less than lethal accessory equipment. The Absorbent Products Segment is primarily engaged in the manufacture of private label adult incontinence products.

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