Whiteley firm in new US buyout

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THE Chemring Group, which has its headquarters in Whiteley, has conditionally agreed to acquire the Detection Systems operations of General Dynamics Armament and Technical Products in North Carolina.

The Chemring board separately announced yesterday a placing of new ordinary shares, the £112.3m proceeds of which will, in part, be used to fund the cash consideration for the acquisition of Detection Systems company.

DS is a US leader in chemical and biological threat detection, and in stand-off detection of IEDs.

Dr David Price, Chemring chief executive, said: ‘This acquisition substantially enhances our counter-IED business activities.’