Norwegian engineering group Kongsberg is building up production capacity to meet growing orders for its defence products, especially missiles, as European nations bulk up their military spending.Kongsberg, which has customers in defence,
Norwegian engineering group Kongsberg is building up production capacity to meet growing orders for its defence products, especially missiles, as European nations bulk up their military spending.
Kongsberg, which has customers in defence, aerospace, maritime, energy and fishing industries, booked orders worth 18.18 billion Norwegian crowns ($1.80 billion) in the second quarter, 5% more than last year, it said on Wednesday.
The Defence & Aerospace business made up 54% of those, as CEO Geir Håøy said the company was experiencing record-high market activity in the sector.
Many European nations have pledged to significantly increase defence budgets in response to Russia's invasion of Ukraine and as U.S. President Donald Trump's administration has threatened to scale back military support for the region.
Kongsberg has opportunities to increase production in Norway and is building up capacity in Australia, Håøy said in a call with analysts and media. Later this year, it will also start building production facilities in the United States.
"We are quite comfortable with our own capacity going forward," Håøy told Reuters.
He said that the facility in Australia was being built and funded by the government, which is also the customer, and Kongsberg will equip and lease the plant on a
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