VEEM weathers choppy seas to make good progress

Perth marine engineering group VEEM has grown profits in the latest financial year despite the cyclical nature of some of its big ticket defence contracts. The company, which manufacturers ships propellers, drive shafts and stabilising gyro systems, recorded net profit after tax of $2.76 million in 2019, up $500,000, on turnover of $40.7 million. EBITDA…

ASC – good enough for Sweden, but not Australia

Comment by Peter Roberts Adelaide’s ASC Pty Ltd, which built the Collins class submarines in Australia, is performing submarine design work for Sweden. The agreement which sees the submarine builder working on Sweden’s A26 submarine programme, was first announced, was announced in November, but resurfaced in the media in the past week. ASC is now…

Schneider Electric wins contract for Attack submarine switchboards

France’s Schneider Electric which has a large Australian manufacturing footprint has been awarded the important contract to supply DC switchboards to the $50 billion Attack class submarine programme. The company, which employs 4,000 in Australia including at its large Clipsal facility in Adelaide, will transfer technolocy to its local arm to enable it to make…

DroneShield wins Australian army contract

Australian drone countermeasure company DroneShield (ASX: DRO) has won an Australian army contract to provide portable unmanned aerial system (drone) detection devices. The company, which is listed locally but operates mainly overseas, won a $700,000 tender made up of a combination of an initial purchase price and an annual subscription component. DroneShield’s CEO Oleg Vornik…

Electro Optic Systems buys satcom company

Canberra’s Electro Optic Systems ASX:: EOS) has bought satellite communicatons systems maker EM Solutions for a total of $26 million in cash and shares. The company will be added to EOS’s new communications systems business segment, announced in @AuManufacturing news earlier this week. EOS is a leading manufacturer of remotely operated weapons systems and laser…

$10.6 million drone contract to create 10 jobs at Xtek

Defence supplier Xtek has earned a $10.6 million contract to “provide spare parts, repair, maintenance and support services” for the Australian Defence Force’s fleet of Wasp All Environment drones.   The work will be carried out at a Xtek’s recently-completed Canberra facility, and according to defence industry minister Melissa Price will create an additional 10…