Espey Mfg. & Electronics Corp. (NYSE American: ESP) Announces Completion of Magnetics Center of Excellence Facility Expansion

SARATOGA SPRINGS, N.Y., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces that full-scale production and testing operations are now underway at its new Magnetics Center of Excellence, following the previously announced completion of construction in April 2025.

According to US Navy sources, the Surface Combatant Industrial Base Development Initiative is designed to strengthen the nation’s shipbuilding industrial base and support the increased production rates required to remain competitive on a global scale. The initiative prioritizes the development and sustainment of a U.S.-based workforce, modernization of infrastructure, expansion of domestic shipyard capacity, and the revitalization of domestic supply chains. As part of this effort, Espey Mfg. & Electronics Corp. was awarded a $7.4 million grant in fiscal year 2023 to construct a new facility aligned with these objectives. This facility significantly enhances Espey’s state-of-the-art testing capabilities, boosts testing power, and strategically positions the company for scalable growth.

Mr. David O’Neil, President and CEO, commented,

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. 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. Espey remains firmly committed to co-investing with our industry partners to ensure a resilient and reliable domestic supply of MIL-STD transformers, inductors, and related components for the long term.

Espey's primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at www.espey.com.

For further information, contact Ms. Kaitlyn O’Neil at invest@espey.com.

This press release may contain certain statements that are "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company's current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

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