Business
Completion of disposal
Completion of disposal.
About this update from Chemring Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1819M\n Chemring Group PLC\n 07 May 2020\n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE 7 May 2020\n \n \n CHEMRING GROUP PLC (\"Chemring\" or the \"Group\")\n \n \n Completion of disposal\n \n \n On 21 November 2019 Chemring announced that it had entered into a conditional agreement to sell its US subsidiary Chemring Ordnance, Inc. to Nammo Defense Systems Inc. for a cash consideration of $17 million. The sale was subject to both regulatory approval by the US authorities and a working capital adjustment on completion.\n \n \n Chemring is pleased to announce today that all regulatory approvals have now been received and the sale process has now completed.\n \n \n The final working capital adjustment will be agreed in the next 60 days in accordance with the sale and purchase agreement, but at this stage, the net proceeds are expected to be approximately $15 million. These proceeds will be used by the Group for general corporate purposes.\n \n \n - ENDS -\n \n \n For further information:\n \n \n \n \n \n \n Rupert Pittman\n \n \n \n \n Group Director of Corporate Affairs, Chemring Group PLC\n \n \n \n \n +44 (0)1794 833901\n \n \n \n \n \n \n Andrew Jaques \n \n \n Oliver Hughes\n \n \n \n \n MHP Communications\n \n \n \n \n +44 (0)20 3128 8100\n \n \n \n \n \n \n \n Notes to editors\n \n \n 1. In November 2018 the Group announced that the future focus of its Energetics segment would be on its niche energetic devices and materials businesses in Chicago, Scotland and Norway. The Group also announced it would exit the commoditised energetics businesses in Derby and Florida; these businesses were treated as discontinued in the 2018 financial statements. In April 2019 the Group announced the sale of Chemring Military Products in Florida, and in June 2019 the Group announced the sale of Chemring Defence in Derby.\n \n \n \n \n 2. \n Chemring Ordnance, located in Perry, Florida, manufactures a range of ordnance and pyrotechnic products pr...