10th Jun 2024 08:43
(Alliance News) - Chemring Group PLC on Monday said it signed a 15-year partnering agreement with US defence and aerospace firm Northrop Grumman Corp.
The Hampshire, England-based company is a provider of technology products and services to the aerospace, defence and security markets.
This latest agreement will see Chemring support efforts to expand munitions production in response to growing customer demand by providing Northrop Grumman with HMX energetic material used in its missile programmes.
As part of the agreement, Chemring received orders valued at USD83 million, with deliveries due to begin in financial year 2026 and continue for three years.
Chemring Chief Executive Michael Ord said: "These awards, which illustrate the long-term and valued relationship that we enjoy with Northrop Grumman, support our decision to invest in increasing the capacity of our three energetics businesses over the medium-term, and reinforces Chemring's position as a key supplier to NATO."
All work related to the agreement will be carried out at the Chemring's facility at Saetre in Norway.
Chemring shares were up 0.1% to 384.50 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.