30th Sep 2020 10:42
(Alliance News) - Chemring Group PLC said its US subsidiary Chemring Countermeasures USA has won two government contracts worth a total of USD83.5 million for the supply of countermeasure products.
Countermeasure products are an element of an aircraft's defensive aide suite which protect pilots and aircraft against the threat from infrared guided missiles
The FTSE 250 defence technology firm which makes sensors and military countermeasures said CCM won a USD49.9 million five-year contract from the US Department of the Navy for the supply of MJU-32/38 countermeasures. An initial delivery order of USD11.3 million will see deliveries being made in its financial years ending October 2021 and October 2022.
CCM has also been awarded a USD33.6 million delivery order from the US Air Force for the manufacture and delivery of MJU-53/B countermeasures. Chemring highlighted that
this is the second delivery order under the USD90 million three-year contract signed in 2019. Deliveries will also be made in financial 2021 and 2022.
"Winning this competitive IDIQ is further evidence of our growing position in the global countermeasures market and supports the group's investment in its facilities. These two contracts build on our existing strong order cover for financial 2021 and demonstrate our customer's confidence in Chemring's ability to develop and supply highly effective countermeasures," said Chemring Chief Executive Michael Ord.
Shares in Chemring were trading 2.1% higher at 238.50 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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