(2022-11-07) Kitron has entered into a long-term production agreement with an expected value of NOK 750 million with Kongsberg Defense & Aerospace AS for electronic modules that are part of KONGSBERG’s remote weapon station system (RWS).
“This is a significant agreement for Kitron. It both extends and expands our strong collaboration with KONGSBERG,” says Peter Nilsson, CEO of Kitron.
On Monday, 31 October, KONGSBERG announced a new 5-year framework agreement with the U.S. Army for its version of the Common Remotely Operated Weapon Station (CROWS).
For Kitron's production facilities in the USA and Norway, the CROWS program is expected to generate annual revenues of NOK 150 million over the next five years. The volume will depend on demand and the annual budget process in the US and may therefore be either lower or higher.
In total, KONGSBERG has delivered more than 18,000 weapon station systems across all defence branches to the US military. The system is intended to provide protection and a better decision-making basis for soldiers or operators.
For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 948 40 850
Hans Petter Thomassen, Managing director, Kitron Norway, tel.: 47 913 92 360
E-mail: investorrelations@kitron.com
Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group is located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, China and the United States. Included the acquisition of BB Electronics in January 2022, Kitron has about 2 800 employees, and pro forma revenues were about NOK 5 billion in 2021.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Ac
