RAUFOSS, Norway, Nov. 8, 2013 (GLOBE NEWSWIRE) --
Palencia - After signing an "Asset Transfer Agreement" with General Dynamics- ELS/ Santa Barbara Sistemas in November 2012 and recently receiving approval from the Spanish authorities, Nammo effectively took over the Palencia ammunition factory in Spain from 16 October 2013. The Perfect Match The Nammo Group with its technologically advanced ammunition products is convinced that the Palencia products will be an important supplement to Nammo's current range of specialty ammunitions within the Small and Medium Caliber product range. The Palencia factory has been a supplier of medium caliber cartridge cases to Nammo for a long time already, and our two companies have cooperated closely to deliver medium caliber ammunition to the Spanish Armed Forces. During today's event in Palencia to mark the acquisition, Edgar Fossheim, President & CEO of the Nammo Group stated that, "It is Nammo's intention to continue and to further develop the Palencia operation as a competitive ammunition supplier both to the Spanish Armed Forces as well as to international customers, fully integrated and supported by the other operations and capabilities of the Nammo Group. For Nammo we strongly believe that the Palencia facility will be the perfect match." Luis Asensio, newly appointed President of Nammo Palencia, added: "We feel that this acquisition will add stability to our current workload as well as increasing the opportunities for future growth". Nammo Palencia has approximately 200 employees. It is located in the city of Palencia, situated north-west of Spain in the region of Castilla y León. About Nammo Headquartered in Raufoss, Norway, the Nammo Group is a technology driven aerospace and defense group specializing in technologically advanced products. Nammo's core business is development, production and sales of military and sports ammunition, shoulder fired weapon systems, rocket motors for military and space applications, and global services for environmentally friendly demilitarization. Nammo has 21 manufacturing operations and 2200 employees in Australia, Canada, Finland, Germany, Norway, Spain, Sweden, Switzerland and the US. For further information go to: www.nammo.com For any further details please contact: Sissel Solum Senior Vice President Communication Nammo Group Tel: +47 61 15 22 42 E-mail: sissel.solum@nammo.com [HUG#1741800]