REG - Chemring Group PLC - Funding Awards

ChemringAnnouncement

18/03/2024 07:00

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RNS Number : 1412H  Chemring Group PLC  18 March 2024

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
(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/
(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. (http://www.chemring.com.)

 

 

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