“The war in Ukraine has major implications for the industry and led to a sharp increase in demand for defense products such as ammunition. As a result, Nammo needs to ramp up investments and increase its industrial capacity to meet this new reality,” says Nammo CEO Morten Brandtzæg.
The investment decision follows the announcement of a historic large contract for the production of 155 mm IM HE-ER artillery ammunition for the Norwegian Armed Forces.
As reported by Defence Industry Europe, Nammo will soon sign a NOK 2.6 billion (EUR 242.3 million) contract for artillery ammunition. Details of the future deal are currently being negotiated.
In 2022, the company already made record investments of around NOK 1 billion (about EUR 92.5 million ). A new primer factory (Finland), major upgrades of the production lines for shoulder fired weapons (USA), as well as other large caliber production improvements (USA) make up the majority of this sum.