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Article: Presto's defense sales grow; Deal could generate over $550 million
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- March 19, 2008
- Author:
CopyrightCopyright 2008 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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National Presto Industries Inc. expects its contract with the
U.S. Department of Defense to generate more than $550 million in
sales over the five-year life of the agreement.
The Eau Claire-based manufacturer said Monday that awards of work
made up to this week have totaled $454 million. The disclosure was
made in Presto's annual report for 2007 filed with the U.S.
Securities and Exchange Commission.
The contract was awarded to Presto's AMTEC Corp. in April 2005
for the Army's five-year 40mm-systems program. Presto acquired
AMTEC, in Janesville, in 2001.
Defense sales helped boost Presto's net sales to $420.7 million
for 2007, up from $304.7 million in 2006. Net income rose to $38.6
million, ...