StockMarketWire.com - Chemring said it had agreed to sell its US subsidiary, Chemring Ordnance, to Nammo Defense Systems for $17m.

The sale, subject to regulatory approval by the US authorities, was expected to complete no later than the end of the second quarter of 2020.

The net proceeds from the sale would be used for general corporate purposes, the defence company said.

Following a strategic review in November 2018, Chemring said it would exit the commoditised energetics businesses located in Derby and Florida, to focus on its niche specialist energetic devices and materials businesses in Chicago, Scotland and Norway.


At 8:57am: [LON:CHG] Chemring Group PLC share price was +1.7p at 189.7p



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