Norway's Kongsberg wins record $1.5 bln defence order from Poland
Adds detail on the order in paragraph 2, share price in paragraph 3
STOCKHOLM, Sept 5 (Reuters) -Norwegian defence equipment maker Kongsberg Gruppen KOG.OL said on Tuesday it has won an order worth around 16 billion crowns ($1.5 billion) from Poland for four Naval Strike Missile (NSM) Coastal Defence System (CDS) squadrons.
Kongsberg Gruppen said in a statement the order for the surface-to-surface missile system was its biggest contract to date and that the new deliveries would carry on into the 2030s.
The company's share price jumped on the news to trade up 8.6% by 1312 GMT.
Poland already bought the NSM CDS capability in 2008, and then with an additional squadron in 2014, Kongsberg said.
Poland is modernising its armed forces as a result of the war in neighbouring Ukraine, and plans to spend around 4% of gross domestic product on defence this year. It has also vowed to double the size of its army.
($1 = 10.7609 Norwegian crowns)
Reporting by Anna Ringstrom, additional reporting by Alan Charlish in Warszaw, editing by Terje Solsvik and Emelia Sithole-Matarise
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
