Chemring says Norwegian explosives study to advance to second phase
Chemring Group PLC on Thursday said the Norwegian government has confirmed that its joint feasibility study with Chemring’s Norwegian subsidiary will progress to its second phase.
Chemring is a Hampshire, England-based provider of technology products and services to aerospace, defence and security markets.
The study with the government and Chemring Nobel was started in October last year to assess the feasibility of a new production facility to increase the production of military explosives.
The explosives are ‘crucial’ to multiple Nato missile and munitions systems, Chemring said.
The first phase of the study investigated the location, infrastructure requirements and environmental considerations of building a new facility.
The Norwegian government said the study will now progress to its second phase.
This phase will determine the size of the facility and its commercial arrangements. It is expected to be finalised next year, Chemring added.
‘We are delighted that the Norwegian government has confirmed that this important study will continue to the next phase. This decision is a further indicator of the critical need to rapidly increase capacity across the European defence industrial base,’ said Chief Executive Michael Ord.
‘This decision is further evidence of Chemring delivering its strategy of delivering growth through a combination of organic investment and bolt-on acquisitions in high-priority defence and national security markets.’
Shares in Chemring were up 2.9% at 566.00 pence in London on Thursday afternoon.
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