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LONDON (Alliance News) - Chemring Group PLC on Monday confirmed the sale of its military trading business for USD4 million in cash.
In November, defence and engineering firm Chemring said it was to exit its Energetics business in both the UK and the US, based in Derby and Florida, respectively.
The sale of Chemring Military Products Inc to Global Ordnance LLC is part of this move, which will see Chemring focus on its niche specialist energetic devices and materials operations.
Chemring said the process to sell its remaining Energetics units in Florida and Derby are ongoing.
Chief Executive Michael Ord said: " "I am pleased to announce the sale of Chemring Military Products to Global Ordnance."
"This follows our decision to exit the commoditised Energetics businesses and will enable a greater focus on our growing and differentiated positions in Countermeasures & Energetics and Sensors & Information, and will improve the quality of the group and its earnings," Ord added.
Chemring shares were 1.0% higher in London early Monday at 144.60 pence each.
Late March, Chemring said most of its revenue and profit for its year ending October would come in the second half, after Countermeasures & Energetics was hit by both planned and unplanned disruption.
In the UK back in August 2018, one employee was killed and another injured in an accident at one of Chemring's countermeasure facilities in Salisbury, Wiltshire, leading to the suspension of operations.
In Australia, its site went off-line as planned for the change-over to the F-35 Lightning II countermeasures facility. There was also manufacturing equipment failures in both Norway and the US.
