Espey awarded $7.4M Navy funding for facility and equipment upgrades

ESPEY MFG & ELECTRONICS CORP

$7.4M in funding from U.S. Navy for facility and capital equipment upgrades at Saratoga Springs, NY site.
Work is part of Navy's Surface Combatant Industrial Base investment; completion expected in 2024.
Company expects payment within 30 days after invoice submission; cash outlay required for income taxes on award value.
Award supports testing and qualification capabilities for Navy surface combatants.

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