Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Norway's Kongsberg wins record $1.5 billion defence order from Poland

Published 05/09/2023, 13:57
Updated 05/09/2023, 14:30
© Reuters.

STOCKHOLM (Reuters) - Norwegian defence equipment maker Kongsberg Gruppen 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)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.