Military equipment maker Chemring has been awarded further contracts worth €38m for the delivery of 81mm pyrotechnic illumination mortar rounds.
Existing contracts with awarded to the firm's Italian subsidiary, Simmel Difesa, which were previously valued at €24.5m, will now be adjusted and extended bringing the total replacement contracts to €62.5m. These will be delivered before 2014.
"I am delighted with today's announcement," said Chemring's Chief Executive David Price. "It confirms Chemring's leading role within the pyrotechnics industry and the sustained requirement for these products despite current defence cuts."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Colleferro-based division is focused on energetics sub-systems such as fuses, safety and arming systems, warheads and modular charge systems for major ammunition prime contractors.
-
Will a Santa Rally bring festive cheer to investor portfolios this year?Investors will be hoping for a seasonal stock market boost in December
-
ChatGPT turns two: how has it impacted markets?Two years on from ChatGPT’s explosive launch into the public sphere, we assess the impact that it has had on stock markets and the world of technology
