Contract Awards

RNS Number : 5632A

Chemring Group PLC

30 September 2020

 

FOR IMMEDIATE RELEASE                                                          30 SEPTEMBER 2020

CHEMRING GROUP PLC ("Chemring", the "Group" or the "Company")

CONTRACT AWARDS

Chemring is pleased to announce that its US based subsidiary, Chemring Countermeasures USA ("CCM USA") has won a competitive 5 year IDIQ contract valued at $49.9m for the supply of MJU-32/38 countermeasures. An initial delivery order of $11.3m will see deliveries being made under this contract in FY21 and FY22. The customer is the US Department of the Navy and all work under this contract will be performed at the CCM USA facility at Toone, Tennessee.

CCM USA has also been awarded a $33.6m delivery order from the US Air Force for the manufacture and delivery of MJU-53/B countermeasures. This award is the second delivery order under the $90m three year IDIQ contract that was announced in September 2019. Work under this contract will also be performed at CCM USA's facility in Toone, Tennessee, with deliveries being made in FY21 and FY22.

These countermeasure products are a key element of an aircraft's defensive aide suite which protect pilots and aircraft against the threat from infrared guided missiles. 

Michael Ord, Group Chief Executive of Chemring, commented:

" Winning this competitive IDIQ is further evidence of our growing position in the global countermeasures market and supports the Group's investment in its facilities. These two contracts build on our existing strong order cover for FY21 and demonstrate our customer's confidence in Chemring's ability to develop and supply highly effective countermeasures."

-ENDS-

For further information:

Rupert Pittman  Group Director of Corporate Affairs,     01794 463401

Chemring Group PLC 

Andrew Jaques  MHP Communications    020 3128 8100

James Bavister

Cautionary statement

This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Chemring's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are a number of factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are: increased competition, the loss of or damage to one or more key customer relationships, changes to customer ordering patterns, delays in obtaining customer approvals for engineering or price level changes, the failure of one or more key suppliers, the outcome of business or industry restructuring, the outcome of any litigation, changes in economic conditions, currency fluctuations, changes in interest and tax rates, changes in raw material or energy market prices, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, the failure to retain key management, or the key timing and success of future acquisition opportunities or major investment projects. Chemring undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.

Notes to editors

· Chemring is a FTSE-250 global business that specialises in the manufacture of high technology products and the provision of services to the aerospace, defence and security markets

· Employing approximately 2,500 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries

· Chemring is organised under two strategic product segments: Sensors & Information and Countermeasures &  Energetics

· Chemring has a diverse portfolio of products that deliver high reliability solutions to protect people, platforms, missions and information against constantly changing threats

· Operating in niche markets and with strong investment in research and development ("R&D"), Chemring has the agility to rapidly react to urgent customer needs

www.chemring.co.uk

 

 

END

 

 

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