MADRID, Spain, Oct. 16, 2013 (GLOBE NEWSWIRE) --
General Dynamics European Land Systems Santa BÁrbara Sistemas and Nammo
Group announce today the completion of the transfer of operations of the
Palencia facility in Spain. The facility is specialized in the manufacturing of
various types of ammunition and components.
The acquisition has been approved by the Spanish Ministry of Defense, which
owns the land and certain assets of the Palencia facility.
The transaction that was first announced in November 2012 and was subject to
certain conditions that were satisfied on 14 October 2013.
Under this agreement, Nammo Group will assume Palencia's existing workforce,
assets and production capabilities.
With its headquarter 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 20 manufacturing operations and 2000 employees in
Norway, Finland, Sweden, Germany, Switzerland, Canada, Australia and the US. For
further information go to www.nammo.com.
About General Dynamics European Land Systems Santa BÁrbara Sistemas
General Dynamics European Land Systems Santa BÁrbara Sistemas, with
approximately 740 workers, has six factories in Spain and is the main supplier
of combat vehicles and artillery systems for the Spanish Army. Furthermore, its
products are sold to 50 countries. It forms part of General Dynamics European
Land Systems. For more information go to www.gdels.comSissel Solum
Senior Vice President Communication
Tel: +47 61 15 22 42
General Dynamics European Land Systems
Santa BÁrbara Sistemas
Tel: +34 91 585 02 40
Source: Nammo AS