Celsius, Patria, Raufoss plan Nordic ammunition merger
The three Nordic companies - Celsius Corp. in Sweden, Patria Industries Oyj in Finland and Raufoss ASA in Norway - have signed a Letter of Intent with a view to forming a joint Nordic ammunition company. The pace of negotiations is now accelerating. The new company has been assigned the working name "Nammo Group". Once established, the Group will generate net annual sales of approximately NOK 1.5 billion, with some 1,400 employees. The European ammunition industry is in the process of restructuring. Moving away from traditional domestic focus, it is becoming an increasingly international