Karman Space & Defense (NYSE: KRMN) shares went south at first Tuesday. The company, purporting to be a leader in the rapid design, development and production of critical, next-generation system solutions that align with the U.S. Department of War’s core mission priorities and the nation’s accelerating demand for access to space, today announced it will open a new, state-of-the-art-facility in the greater Salt Lake City, Utah area to expand its advanced UAS launcher systems and SRM nozzle production capacity to meet substantial increases in customer demand.
The Company also announced it has invested more than $15 million over the past 12 months to expand production capacity at its existing manufacturing facilities, in addition to its $5 million investment matched by the U.S. Department of War Defense Production Act Title III $5-million funding to further expand capacity.
“Karman understands the urgency to increase critical U.S. and allied military capabilities to ensure preparedness for peer and near-peer threats. We are investing in more capacity and capabilities to support our customers’ aggressive production plans with proven content and performance,” said Chief Operating Officer Jonathan Beaudoin.
“Our new Utah factory will quadruple our capacity to deliver the most reliable and effective launch systems for leading loitering missile and counter-UAS programs. The site will also double our SRM composite nozzle production capacity on critical programs, while adding redundancy to our manufacturing capability.”
KRMN shares let go of $2.28, or 2.2%, to $103.68.
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