RUAG International withdraws from defence with Ammotec sale
As envisaged by the Swiss Federal Council in its divestment strategy, RUAG International has concluded the agreement to divest its Ammotec business to Beretta for an undisclosed sum.
The announcement of potential sale had been announced in the Swiss Parliament in Autumn 2021.
For RUAG International, this sales agreement confirms its strategy of evolving from a state-owned defence enterprise into a technology provider with a focus on space.
André Wall, CEO of RUAG International, commented on the significance of this sale: ‘We are taking the next step to withdraw from the defence-related business completely’.
RUAG Ammotec is a leading European supplier of small-calibre ammunition
The decision to withdraw from the defence sector was made during the COVID-19 pandemic amid a tough economic environment.
In October 2020, RUAG International claimed it was losing nearly CHF3 million ($3.2 million) a month.
In response, the company announced in March 2021 that it had transferred all shares in its RUAG Aerospace Services subsidiary to General Atomics Europe.
In November of the same year, RUAG announced it was in the negotiation process to sell its simulation and training business to Thales.
More from Defence Notes
The new sensors can conduct a variety of maritime and land-based operations.
The UK and India are stepping up defence ties across several areas.
For all the bombastic talk from Russian President about the hitting power of the new RS-28 Sarmat 'super heavy' ICBM, observers are highly sceptical that it will enter service in 2023 as claimed.
Rheinmetall is setting up a JV with Hungarian partners to drive armed forces digitalisation in Hungary.
Even though the US has a powerful arsenal and an extensive defence budget, it has been unable to prevent the actions of Russian President Vladimir Putin and has failed to deter China’s growing territorial and maritime ambitions.