Wednesday, Allied Defense Group Inc. (ADG) said its funded backlog increased by about $68 million to more than $190 million.
Earlier in July, Allied Defense's Belgian subsidiary, MECAR SA, received the second tranche of a $167 million ammunition contract worth $68 million. The company also received an export license for the ammunition. Subsequently, a performance bond was approved by MECAR SA's bank pool, allowing that portion of backlog to move from the unfunded to funded backlog classification.
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