Chemring Share News (CHG)

(Sharecast News) - Chemring announced three new contract awards in its Countermeasures & Energetics segment on Tuesday, with the biggest one valued at $22m.
The largest contract is for the supply of MJU-68/B infrared countermeasures in support of the F-35 programme. The customers are both the US Navy and Air Force, and the Governments of Great Britain, Israel, Norway and the Netherlands. Work under this contract will see deliveries being made in FY22.

Meanwhile, Chemring Countermeasures USA has been awarded a $12m contract for the manufacture and delivery of MJU-61A/B infrared countermeasures. Deliveries for this contract will be made in FY22 and FY23 with all work planned to be completed at CCM USA's new automated production facility in Toone, Tennessee.

Chemring Energetics UK received a contract valued at £9m for the supply of various demolition stores. The customer is the UK Ministry of Defence and deliveries under this contract will be made in FY22.

Chief executive Michael Ord said: "These awards maintain and strengthen Chemring's position in the niche Countermeasures & Energetics market, supporting our decision to invest in our facilities to protect and grow our market leading positions.

"These contracts add to our existing strong order cover for FY22 and also increases our visibility for FY23 and beyond."