Espey begins operations at expanded magnetics facility

Espey Mfg. & Electronics Corp. (NYSE American: ESP) announced that full-scale production and testing operations have commenced at its new Magnetics Center of Excellence following completion of construction in April 2025.

The company received a $7.4 million grant in fiscal year 2023 from the U.S. Navy's Surface Combatant Industrial Base Development Initiative to construct the facility. The initiative aims to strengthen the nation's shipbuilding industrial base and support increased production rates to maintain global competitiveness.

The 24,000-square-foot expansion enhances Espey's testing capabilities and increases testing power capacity. The facility supports the company's development, fabrication, and MIL-STD testing of magnetics systems and components.

"This new 24,000-square-foot expansion further supports Espey's market leadership in advanced magnetics systems development, fabrication, and rigorous MIL-STD testing across our magnetics product portfolio," said David O'Neil, President and CEO. "We greatly appreciate the support from the U.S. Navy through the Surface Combatant Industrial Base funding – this expansion is a direct reflection of that initiative in action."

The Surface Combatant Industrial Base Development Initiative focuses on developing a U.S.-based workforce, modernizing infrastructure, expanding domestic shipyard capacity, and revitalizing domestic supply chains. Espey specializes in military and industrial power supplies and transformers.

The information is based on a company press release.

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