FOR IMMEDIATE RELEASE
18
MARCH 2024
CHEMRING GROUP PLC
("Chemring", the "Group" or the "Company")
c.£90m FUNDING
AWARDS
Chemring notes the announcement made
by the European Commission regarding its allocation of funding in
support of boosting defence production within Europe, and we
welcome its public announcement of awards totaling €66.7m (£57m)
made to our Norwegian subsidiary, Chemring Nobel.
These awards, which are part of the
Act in Support of Ammunition Production ("ASAP") programme, are a
direct response to the European Council's call in March 2023 to
urgently deliver ammunition, and missiles if requested, to Ukraine
and to help Member States refill their stocks by introducing
targeted measures. This Regulation aims to strengthen the
responsiveness and ability of the European Union's defence industry
to ensure the timely supply of ammunition and missiles in Europe,
and includes measures to support production capacities and tackle
identified bottlenecks throughout the industrial supply
chain.
Further information can be found on
the European Commission website:
https://defence-industry-space.ec.europa.eu/eu-defence-industry/asap-boosting-defence-production_en
Chemring is also pleased to report
that it has received further grant funding of 428 million NOK
(£32m) from the Government of Norway. This co-financing will boost
capacity and production at Chemring Nobel and will significantly
strengthen Norwegian production capacity for critical defense
products.
Further information can be found on
the Norwegian government website:
https://www.regjeringen.no/no/aktuelt/milliardstotte-til-norsk-forsvarsindustri/id3029866/.
Grant agreements are expected to be
signed over the coming months.
Both grants support Chemring's
decision to invest in doubling the capacity of this facility over
the medium-term, and reinforces Chemring Nobel's position as a key
strategic supplier to NATO.
For
further information:
Rupert
Pittman
Group Director of Corporate Affairs,
01794 463401
Chemring Group
PLC
James
McFarlane MHP Communications
020 3128 8100
Ollie
Hoare
Cautionary
statement
This announcement contains
forward-looking statements that are based on current expectations
or beliefs, as well as assumptions about future events. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking
statements often use words such as anticipate, target, expect,
estimate, intend, plan, goal, believe, will, may, should, would,
could, is confident, or other words of similar meaning. Undue
reliance should not be placed on any such statements because they
speak only as at the date of this document and, by their very
nature, they are subject to known and unknown risks and
uncertainties and can be affected by other factors that could cause
actual results, and Chemring's plans and objectives, to differ
materially from those expressed or implied in the forward-looking
statements. There are a number of factors which could cause actual
results to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are: increased competition, the loss of
or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approvals
for engineering or price level changes, the failure of one or more
key suppliers, the outcome of business or industry restructuring,
the outcome of any litigation, changes in economic conditions,
currency fluctuations, changes in interest and tax rates, changes
in raw material or energy market prices, changes in laws,
regulations or regulatory policies, developments in legal or public
policy doctrines, technological developments, the failure to retain
key management, or the key timing and success of future acquisition
opportunities or major investment projects. Chemring undertakes no
obligation to revise or update any forward-looking statement
contained within this announcement, regardless of whether those
statements are affected as a result of new information, future
events or otherwise, save as required by law and
regulations.
Notes to editors
· Chemring
is a FTSE250 global business that specialises in the manufacture of
high technology products and the provision of services to the
aerospace, defence and security markets
· Employing
approximately 2,600 people worldwide, and with production
facilities in four countries, Chemring meets the needs of customers
in more than fifty countries
· Chemring
is organised under two strategic product segments: Sensors &
Information and Countermeasures & Energetics
· Chemring
has a diverse portfolio of products that deliver high reliability
solutions to protect people, platforms, missions and information
against constantly changing threats
· Operating
in niche markets and with strong investment in research and
development ("R&D"), Chemring has the agility to rapidly react
to urgent customer needs
www.chemring.com.
