(Bloomberg) -- Norway’s Kongsberg Gruppen ASA is close to signing a 11 billion-krone ($1 billion) agreement to supply the Netherlands with air defense weapons systems, pushing up the stock.
The Dutch government plans to acquire Kongsberg’s National Advanced Surface-to-Air Missile System and its National Manoeuvre Air Defence System, the Norwegian company said on Monday. The contract is expected to be signed later in 2024, with deliveries due to start in 2028.
Kongsberg’s stock has more than doubled in value this year as the US and its allies bolster their stocks of ammunition and weapon systems in wake of Russia’s war against Ukraine.
Shares rose as much as 4.2% after the announcement and were up 3.6% as of 3:20 p.m. in Oslo, bringing the gain so far this year to about 140%.
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