Scandinavian Astor Group to buy ammunition maker Ammunity in Latvia

Scandinavian Astor AB

16/06/2025 09:23

COPENHAGEN, June 16 (Reuters) - Defence equipment firm Scandinavian Astor Group said on Monday it has agreed to buy ammunition maker Ammunity in Latvia for 3 million euros ($3.5 million).

"The demand for European-produced ammunition is growing rapidly, both nationally and internationally," Sweden-based Scandinavian Astor Group said in a statement.

Latvia, which borders with Russia and Belarus, has ramped up defense spending since Russia's invasion of Ukraine.

"The strategic partnership between SIA Ammunity and the Scandinavian Astor Group will strengthen our country's ability to ensure the availability of high-quality ammunition for both national needs and also the needs of our allies," Latvia Defence Minister Andris Spruds said in the statement.

($1 = 0.8640 euros)

 (Reporting by Stine Jacobsen)

 ((stine.jacobsen@thomsonreuters.com; +45 2156 90 10;))