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Telephonics Corporation Announces Awards of Additional $9 Million from SRCTec, Inc. - Awards-To-Date close to $345 Million.
FARMINGDALE, N.Y. -- Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today incremental awards valued at approximately $9 Million from SRCTec, Inc. for turnkey production of a Counter Improvised Explosive Device (Counter IED) system. Telephonics has already fully definitized approximately $309 Million in contract funding for the program and when all releases are fully definitized, the total value is expected to approach $345 Million. All work for all awards should be complete during or before the fourth quarter of fiscal year 2007.
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