Chemring Group PLC Acquires 51% Share of Marine Pyrotechnic Business

08 Jun 2001

Chemring Group PLC ("Chemring") announces that it has acquired 51% of the issued share capital of Pirotécnia Oroquieta S.L. ("Oroquieta"), a company based in Pamplona, Spain, for a cash consideration of £750,000.

At 31 December 2000, the unaudited net assets of Oroquieta were £556,000.

Oroquieta manufactures a range of marine safety pyrotechnics to SOLAS standards.

Commenting on the acquisition, David Evans, Chief Executive of Chemring, said:

"The acquisition enhances our position in the Southern European marine market and provides a very competitive manufacturing base to service our leading position in the worldwide market."

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