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Sparton Corporation Sells Jackson, Michigan and London, Ontario Properties

^{Published on 2010-06-30 06:45:57 - Market Wire}
 

SCHAUMBURG, Ill.--([ BUSINESS WIRE ])--Sparton Corporation (NYSE: SPA) has announced the sale of its Jackson, Michigan and London, Ontario properties as of June 16, 2010 and June 17, 2010, respectively. Sparton ceased operations at these locations in 2009 as part of the turnaround actions that facilitated the Companya™s return to profitability.

Cary Wood, President & CEO of Sparton commented, aGiven the sluggish commercial real estate market in both Jackson, Michigan and London, Ontario, we are pleased to have completed the sale of these two properties. The sale of these non-core assets is expected to further enhance Spartona™s future profitability as the annual expense required to maintain these facilities will no longer be required. Additionally, the proceeds of the sale, coupled with the proceeds from the recent long term lease agreement of our 12 acre Albuquerque, New Mexico property will be used to fund the Companya™s investment in its organic and inorganic strategic growth.a

About Sparton Corporation

Sparton Corporation (NYSE:SPA), now in its 110th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, and field service. The primary markets served are in the Medical Device, Defense & Security Systems, and Electronic Manufacturing Services industries. Headquartered in Schaumburg, IL, Sparton currently has four manufacturing locations worldwide. The Company's Web site may be accessed at [ http://www.sparton.com ].

Safe Harbor and Fair Disclosure Statement

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting future results, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC). The matters discussed in this press release may also involve risks and uncertainties concerning Sparton's services described in Sparton's filings with the SEC. In particular, see the risk factors described in the Company's most recent Form 10K and Form 10Q. Sparton assumes no obligation to update the forward-looking information contained in this press release.