Chemring completed the sale its military pyrotechnics business Chemring Defence to PWD for a nominal cash consideration.
Chemring Defence, located in Derby, manufactured military pyrotechnics that were primarily used for illumination, signaling, screening, battlefield simulation and training.
In the year ended 31 October 2018, Chemring Defence generated revenues of £11.8m and an operating loss of £0.7m.
'A process to exit the Group's remaining commoditised energetics business in Florida is ongoing. The Group will provide further updates when appropriate,' the company said.
At 8:02am: (LON:CHG) Chemring Group PLC share price was -4.4p at 177.4p