Ukraine fight: Chemring said it has been granted £57m by the European Commission
Chemring has been handed nearly £90million to boost defence production in Europe.
The London-listed defence firm yesterday said it has been granted £57million by the European Commission as part of a scheme to make ammunition and missiles for Ukraine.
Chemring has also won a £32million grant from the Norwegian government to increase production in the country. The EU funding is part of a £427million programme to ramp up ammunition manufacturing capacity to help countries refill their stocks and deliver to Ukraine.
It includes measures to support production capacities and tackle identified bottlenecks throughout the industrial supply chain.
‘Both grants support Chemring’s decision to invest in doubling the capacity of this facility over the medium term, and reinforces Chemring Nobel’s position as a key strategic supplier to Nato,’ a spokesman for the company said.
Shares climbed 4.8 per cent.
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