(Alliance News) - Chemring Group PLC announced on Monday that it has been allocated funding "in support of boosting defence production" in Europe.
The Hampshire, England-based provider of technology products and services to aerospace, defence and security markets said its Norwegian subsidiary, Chemring Nobel, received awards totalling GBP57 million.
Funding has been allocated as part of the EU's act in support of ammunition production programme following the European Council's call in March 2023 to deliver ammunition to Ukraine while simultaneously helping member states replenish their stockpiles.
The regulation aims to ensure Europe's defence industry can guarantee "the timely supply of ammunition" and includes measures to support production capacities and tackle identified bottlenecks throughout the industrial supply chain.
Chemring said: "It has received further grant funding of NOK428 million (GBP32 million) from the government of Norway. This co-financing will boost capacity and production at Chemring Nobel and will significantly strengthen Norwegian production capacity for critical defence products."
Shares in Chemring were up 5.4% to 365.84 pence in London on Monday morning.
By Elijah Dale, Alliance News reporter
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Chemring (CHG)