FOR IMMEDIATE RELEASE 29 SEPTEMBER 2016
ELECTRONIC WARFARE CONTRACT WIN
Chemring Group PLC ("Chemring" or "the Group"), is pleased to announce that its subsidiary Chemring Australia has been awarded an A$18 million contract by the Australian Department of Defence to supply Chemring's Resolve 3 electronic warfare manpack system.
Resolve 3 is the latest iteration of the highly successful, combat-proven, Resolve electronic surveillance system, designed and produced by UK-based Chemring Technology Solutions. Up to 50 man-portable systems will be delivered during the first 18 months of the contract, with the systems being assembled at Chemring Australia's facility at Mulgrave, Victoria.
Michael Flowers, Group Chief Executive of Chemring, commented: "Resolve 3 represents the latest in man-portable electronic surveillance capability and I am delighted that Chemring Australia has won this contract. This is the largest award that the Group has received for the Resolve system, growing Resolve's user-base to nine countries and builds on Chemring's position as a market leader in electronic warfare."
For further information:
Michael Flowers Group Chief Executive, Chemring Group PLC 01794 833901
Rupert Pittman Group Director of Corporate Affairs, 01794 833901
Chemring Group PLC
James White MHP Communications 0203 128 8100
This announcement contains unaudited information based on management accounts and 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.
About Chemring Group
· Chemring is a 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 2,700 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries
· Chemring is organised under three strategic product segments: Countermeasures, Sensors & Electronics, and Energetic Systems
· 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
This information is provided by RNS