1st Dec 2005 07:00
FOR IMMEDIATE RELEASE 1 DECEMBER 2005 CHEMRING GROUP PLC COMPLETES ACQUISITION OF COMET GmbH Chemring Group PLC ("Chemring") announces that it has successfully completedits acquisition of Comet GmbH, Pyrotechnik-Apparatebau ("Comet"), havingreceived all necessary regulatory approvals. The acquisition was firstannounced on 26 July 2005.Comet, based in Bremerhaven, Germany, manufactures and supplies a range ofmilitary and marine pyrotechnics. Chemring acquired Comet for a cashconsideration of ¢â€š¬9.6 million (‚£6.6 million), subject to an adjustment based onthe net assets at completion.David Price, Chief Executive of Chemring, said: "I am delighted that we havefinally completed the acquisition of Comet. Comet will play an important rolein the development of our energetics business, and will be a key focus for therationalisation of our production capabilities in marine and militarypyrotechnics."For further information:Dr David Price Chief Executive, Chemring Group PLC 01489 881880Paul Rayner Finance Director, Chemring Group PLC 01489 881880Jonathan Rooper Cardew Group 0207 930 0777 ENDCHEMRING GROUP PLCRelated Shares:
Chemring