Elmet Technologies works across sectors including, aerospace, defense, industrial, medical, semiconductor, electronics and energy.
Elmet Technologies, a subsidiary of the Elmet Group (NASDAQ: ELMT), has secured a $4.3 million government contract to advance domestic manufacturing capabilities for metal components used in defense programs.
The Portland-based maker of precision-engineered components and high-energy systems
recently raised $125.5 million in an initial public offering and shares began trading on the stock exchange in April.
In Maine, Elmet has production facilities in Lewiston and Gorham. The contract will fund targeted investments across Elmet Technologies’ manufacturing operations in Maine, Ohio and Michigan.
“This award directly supports our mission of securing the critical materials and components supply chain in the U.S.,” said Derek Fox, president of Elmet Technologies.
“We expect that it will enable us to expand capacity and deploy advanced manufacturing technologies in support of our nation’s critical defense initiatives, several of which depend on molybdenum-based components as a foundation.”
Elmet Technologies, founded in 1929, works across sectors including aerospace, defense, industrial, medical, semiconductor, electronics and energy.
Elmet shares were trading Monday morning at $21.23, giving the stock a market value of around $629.9 million.
