Corsham-based Chemring's agreement to sell its US subsidiary Chemring Ordnance, Inc. to Nammo Defense Systems Inc. for a cash consideration of $17m has now been completed. The sale was subject to both regulatory approval by the US authorities and a working capital adjustment on completion.
The final working capital adjustment will be agreed in coming weeks in accordance with the sale and purchase agreement, but at this stage, the net proceeds are expected to be approximately $15m. These proceeds will be used by the group for general corporate purposes.
Chemring provides world-class expertise and innovation to protect people, platforms, missions and information against constantly-changing threats. “Supported by our core values of safety, excellence and innovation, we help to make the world a safer place for our customers with our high-tech sensors, information, countermeasures and energetics solutions,” the company said.
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