|
Chemring Group PLC on Thursday announced that the Norwegian government intends to co-finance a feasibility study, as part of the country’s efforts to increase production capacity within its national defence industry. The Hampshire, England-based company is a provider of technology products and services to the aerospace, defence and security markets. Chemring’s Norwegian subsidiary, Chemring Nobel, will receive £32 million from the Norwegian government and the EU to assess the development of a new production facility. The facility is intended to more than double the capacity for manufacturing military explosives, compared to its current site. The feasibility study will investigate the geographic location, infrastructure requirements and environmental consideration for building the site, and is expected to conclude at the end of 2024. The new production facility is just one component of the Norwegian government’s current efforts to strengthen its defence industry, as it found that the European production of high explosives was ‘significantly lower’ that the growing demand. Norway Minister of Defence Bjorn Arild Gram said: ‘We see the production of military explosives as the most crucial Norwegian defence industrial contribution to Ukraine and Allied forces’ needs. Chemring is one of only two major manufacturers of advanced military explosives in Europe, and in our opinion they are the producer in Europe and North America that can establish increased production the fastest. Chemring’s production is crucial to help the West continue to support Ukraine with weapons. This joint study is key to unlocking further capacity into the the supply chain.’ Shares in Chemring were down 1.5% at 362.00 pence each in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
