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Tuesday, Sep 26, 2023

Briefs: Exelis, Prospect, Capstone

Exelis Inc. has received a $76 million contract to supply mobile ground-control equipment to the Polish military. The work will be done in Van Nuys by the radar, reconnaissance and undersea systems business of Exelis, based in McLean, Va. The program brings to 14 the number of radars Exelis has deployed in Poland. This latest radar provides high-performance air navigation services that meet NATO and International Civil Aviation Organization safety standards. The contract in Poland follows by several weeks a $7 million contract to supply a radar system to the Estonian military. Prospect Mortgage on Monday said it is expanding into the Connecticut market with its acquisition of Diamond Mortgage Group. Prospect Mortgage is a private equity-backed Sherman Oaks residential retail mortgage lender with offices in Chicago, Baltimore, and Miami. Diamond Mortgage is based in Niantic and operates primarily in southeastern Connecticut, though that is expected to expand under Prospect. “The team at Diamond matches extremely well with Prospect’s purchase loan-focused strategy and our dedication to providing a high level of customer service,” sauid Prospect Northeast Divisional President Scott Johnson said in a statement. Capstone Turbine Corp. received two orders for its microturbines from its Russian distribution partner for use on gas and pipeline projects. The Chatsworth company will provide microturbines that can generate a total of 24 megawatts of power to be installed at power stations. Some of the microturbines will be fueled by gas found with petroleum deposits that would otherwise be burned off. Russia is Capstone’s top international market for use of its microrturbines by the oil and gas industry. BPC Engineering is its Russian distributor. Shares closed unchanged at $1.39 on the Nasdaq.

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