Company Well-Positioned to Drive Innovation and Expand its Market Leadership as Pure-Play Defense Supplier
Bill Toti Assumes Role of President and Chief Executive Officer of Sparton
DELEON SPRINGS, FL – JULY 21, 2020 – Sparton Corporation (“Sparton” or “the Company”), a leading provider of engineered products for the defense industry, today announced that it has completed the previously announced sale of its contract manufacturing unit, Manufacturing & Design Services (“MDS”), to One Equity Partners. In conjunction with the closing of the transaction, the MDS business has been rebranded as Spartronics.
With the completion of the transaction, Sparton is focused on its industry-leading engineered defense products business, Engineered Components & Products (“ECP”), which designs, develops, and produces proprietary solutions for defense and commercial needs. With decades of experience, Sparton has become the partner of choice to domestic and allied governments, as well as leading defense contractors. As a pure-play defense supplier, the Company will be able to focus exclusively on providing best-in-class, innovative solutions and executing on strategic opportunities to build upon its market leadership. Sparton will remain a partner in its ERAPSCO joint venture, which manufactures sonobuoys and transducers for the U.S. Navy.
Bill Toti, formerly President and Chief Executive Officer of Sparton ECP, has assumed the role of President and Chief Executive Officer of Sparton. “This is an exciting next chapter for Sparton as well as our global customers,” said Mr. Toti. “With our decades of experience and market-leading capabilities, we have developed deep relationships with governments and leading businesses around the world. As a pure-play defense supplier, we are well-positioned to build on this strong foundation and drive innovation to meet the defense and commercial needs of our customers. Sparton has a bright future and I look forward to working with our talented team as we execute on the many opportunities ahead.”
About Sparton Corporation
Sparton is a provider of engineered products for the defense industry. With decades of experience, the Company designs, develops, and produces proprietary products for domestic and foreign defense as well as commercial needs. Sparton’s range of engineered products spans everything from sonobuoys to inertial systems to ruggedized displays and rugged computers. Sparton’s website may be accessed at www.sparton.com.
David Millar/Brooke Flohr
Sard Verbinnen & Co.
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