Poland awarded a 16 billion-krone ($1.5 billion) contract to Norway’s Kongsberg Gruppen ASA for a coastal missile system as it bolsters its defenses after Russia’s invasion of Ukraine.
Poland will buy four more coastal defense system squadrons that fire naval strike missiles, with deliveries stretching into the next decade, the partly state-owned company said on Tuesday.
Poland plans to spend around 4% of its economic output on defense in next year’s budget as it rearms to deter any Russian aggression and replaces gear donated to Ukraine. The country has been buying Patriot missiles and Abrams tanks in the US and is one of the biggest clients to South Korean arms industry.
The deal, Kongsberg’s largest-ever single contract, sent the stock up as much as 9.1%, the biggest move in almost three years. Poland was the first country to purchase the defense system back in 2008, before adding another squadron in 2014. The system, which allows missiles to be fired from both land and sea-based launchers, is being delivered to 12 countries after originally being developed for the Norwegian Navy.
Kongsberg says the missile’s stealth design makes it difficult to detect and its seeker system enables autonomous target recognition. Poland’s contract is dependent on approved export financing, which is expected to be finalized within a few weeks, the company said.
France Dernières Nouvelles, France Actualités
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