Chemring Group PLC ("Chemring") announced that its Belgian subsidiary, Mecar S.A. ("Mecar"), has been awarded a $145 million multi-year contract for the supply of medium and large calibre ammunition to a Middle East customer. Deliveries under the contract will commence in 2012.
Dr. David Price, Chief Executive of Chemring, commented: "I am delighted by the continued success of Mecar. This contract will provide a firm foundation for the business over the next few years."
Chemring is an international leader in energetic material products and defensive countermeasures. Mecar, which was acquired by Chemring in September 2010, is a niche manufacturer of medium and large calibre ammunition, particularly for modern, light armored vehicles.