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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Kongsberg Gruppen ASA    KOG   NO0003043309

KONGSBERG GRUPPEN ASA

(KOG)
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Kongsberg Gruppen : US Navy selects Naval Strike Missile

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06/04/2018 | 05:13am EDT

04.06.2018

The U.S. Navy has selected the Naval Strike Missile, offered by Raytheon Company and Kongsberg Gruppen (KONGSBERG), to meet its over-the-horizon requirement for littoral combat ships and future frigates.

Raytheon and KONGSBERG will manufacture and deliver over-the-horizon weapon systems under a $14.8 million contract for offensive missiles loaded into launching mechanisms, and a single fire control suite. The contract includes options which, if exercised, would bring the cumulative value to $847.6 million.

NSM is a long-range precision missile that strikes heavily defended land and sea targets. The missile, which can defeat enemy defenses up to 100 nautical miles away, uses advanced seeker and target identification technology.

'Raytheon and KONGSBERG are providing the Navy with a proven, off-the-shelf solution that exceeds requirements for the over-the-horizon mission,' said Dr. Taylor W. Lawrence, president of Raytheon Missile Systems. 'Because it is operational now, NSM saves the United States billions of dollars in development costs and creates new high-tech jobs in this country.'

The missile will mainly be produced in Norway, and Raytheon will manufacture launchers, missiles and components in the U.S. Raytheon has begun launcher production at its factory in Louisville, Kentucky, and will perform missile final assembly and test at its Tucson, Arizona, facility. The contract will generate business for more than two dozen U.S. suppliers. The missile program is the latest product of a longtime partnership with trusted ally Norway and its defense leader Kongsberg.

'Raytheon and KONGSBERG are celebrating 50 years of cooperation, and the selection of the NSM marks another successful step for our close relationship,' said Eirik Lie, president of Kongsberg Defence and Aerospace AS. 'We are able to provide the U.S. Navy with the best of two worlds by combining the capability of NSM with Raytheon's proficiency as the world's largest missile maker.'

About KONGSBERG

KONGSBERG (OSE-ticker: KOG) is an international, knowledge-based group delivering high-technology systems and solutions to clients within the oil and gas industry, merchant marine, defence and aerospace. KONGSBERG has 7,000 employees located in more than 25 countries and total revenues of NOK 14.5 billion in 2017. Follow us on Twitter.

About Raytheon

Raytheon Company, with 2017 sales of $25 billion and 64,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 96 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5ITM products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter.

Disclaimer

Kongsberg Gruppen ASA published this content on 04 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 June 2018 08:12:01 UTC


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Financials
Sales 2020 25 780 M 2 807 M 2 807 M
Net income 2020 1 185 M 129 M 129 M
Net cash 2020 4 276 M 466 M 466 M
P/E ratio 2020 22,0x
Yield 2020 2,14%
Capitalization 26 098 M 2 858 M 2 842 M
EV / Sales 2020 0,85x
EV / Sales 2021 0,81x
Nbr of Employees 10 649
Free-Float 46,9%
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Average target price 178,00 NOK
Last Close Price 145,00 NOK
Spread / Highest target 37,9%
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Geir HŚÝy President & Chief Executive Officer
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Helge Lintvedt Independent Director
Morten Rosholm Henriksen Independent Director
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