(2018-10-26) Kitron has signed a long-term manufacturing agreement expected to generate revenues of NOK 300 million with Kongsberg Defence & Aerospace AS for electronic modules that are part of Kongsberg's weapon control system, Remote Weapon Station (RWS).
"This is a very important agreement with significant potential for Kitron," said Kitron CEO Peter Nilsson.
On Friday 14 September, Kongsberg announced a new framework agreement with the U.S Army for its version of the RWS M153 CROWS (Common Remotely Operated Weapon Stations).
For Kitron's factories in the US and Norway the CROWS program is expected to generate annual revenues of NOK 60 million over the next five years. Volume depends on demand and the annual budgetary procedure in the United States and might therefore be both lower or higher.
For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Hans Petter Thomassen, Managing Director, Kitron Norway, tel. +47 913 92 360
E-mail: investorrelations@kitron.com
Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Energy/Telecoms, Industry, Defence, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 2,4 billion in 2017 and has about 1,450 employees. www.kitron.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).