Chemring gets €66m from EU to boost shell production

(Sharecast News) - UK defence contractor Chemring said it had received €66.7m (£57m) from the European Union as part of a €513m funding round to enhance ammunition production capacity. The EU aims to increase the bloc's annual output of shells to two million by 2025 to help counter a shortage in Ukraine as it continues to fight invading Russian forces.

The funding awards are part of the Act in Support of Ammunition Production (ASAP) programme - a direct response to the European Council's call in March 2023 to urgently deliver ammunition, and missiles if requested, to Ukraine and to help Member States refill their stocks by introducing targeted measures, Chemring said on Monday.

It added that it had also received 428 million Norwegian kroner (£32m) from the Norwegian government of Norway.

Reporting by Frank Prenesti for Sharecast.com