PROVIDENCE, R.I., March 3 (UPI) -- Greystone Corp. has secured a loan to expand into the defense market and begin producing green-ammunition projectile bodies for U.S. military training purposes.
U.S. company Greystone received a loan from the Rhode Island Economic Development Corp. that enabled it to diversify its business that currently produces safety critical parts for the automotive industry. Officials said that with the loan, Greystone can now begin producing green-ammunition projectile bodies used in the Mk281 by the U.S. military for training.
As a result of the diversification initiative, Greystone has been contracted to produce the Mk281 green ammunition for American Rheinmetall Munitions.
The Mk281 product design "enables Greystone to become less dependent on the automotive industry, and it enables ARM to strengthen its small-business base of producers to fabricate all Mk281 components in the United States," the release said.