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Defence company Chemring said it had completed the sale of its US subsidiary Chemring Ordnance to Nammo Defense System for $17m after receiving regulatory approval in the US.
A working capital adjustment of the company's US subsidiary, a condition required upon completion, would be agreed within the next two months, the company said.
The net proceeds were expected to be approximately $15m, which would be used by the group for general corporate purposes,' the company said.
At 8:14am: (LON:CHG) Chemring Group PLC share price was +10.45p at 209.25p