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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
