ATK Receives $23 Million of Modernization Funds to Enhance the Efficiency and Ensure the Longevity of the Radford Army Ammunition Plant (RFAAP)
Multi-year Modernization Effort Expands Capabilities and Adds to the New River Region's Economic Base
New Equipment will be Cleaner and More Energy Efficient
MINNEAPOLIS, Dec. 3 /PRNewswire-FirstCall/ -- Alliant Techsystems (NYSE: ATK) has received $23 million from the Program Executive Office for Ammunition, Picatinny, New Jersey and the U.S. Army Sustainment Command, Rock Island, IL, to design a new Nitric Acid Concentrator/Sulfuric Acid Concentrator (NAC/SAC) for the Radford Army Ammunition Plant (RFAAP) and to install new cutters and deflakers in the nitrocellulose production facility. The NAC/SAC is an important piece of equipment that allows the plant to capture chemicals from the energetics manufacturing process, refortify them and reuse them. The new cutters and deflakers will ensure the nitrocellulose propellant particles are uniform and optimized to meet the high quality standards for today's high-tech weapons.
The existing NAC/SAC is 28 years old and is at the end of its useful life. Replacing it will not only save energy and reduce emissions, it will also help ensure that the RFAAP is able to continue operating reliably for years to come. This is particularly important given the more than 1,300 jobs the plant provides in the New River Valley and its role as the top producer of propellant and energetics for the Department of Defense.
ATK, in partnership with the Army, is currently managing a total of $43 million in modernization projects at the Radford Army Ammunition Plant. All are on schedule and on budget. In addition to the NAC/SAC, these projects include improvements to the facility's power house and steam distribution system that will improve efficiency and reduce emissions.
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs more than 17,000 people in 21 states. ATK operates the RFAAP under a contract from the U.S. Army. News and information can be found on the Internet at http://www.atk.com/.
Certain information discussed in this press release constitutes forward- looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
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