(Raufoss, Norway, April 2, 2007) -- Nammo AS announced the completion of the acquisition of Talley Defense Systems Inc., Mesa, Arizona, effective March 30, 2007. Nammo's intent to acquire Talley was first announced following the signing of an agreement on November 30, 2006. Recent receipt of the final U.S. Government required approval of the transaction cleared the way for finalizing the sale.
Nammo is a world leading supplier of ammunition, missile products and demilitarization services. The Nammo Group has subsidiaries in Finland, Germany, Norway, Sweden, Switzerland and the USA. Nammo has 1200 employees and annual sales of over $300 million. Edgar Fossheim, CEO of Nammo AS, commented: "We have had a long-standing business relationship with Talley for over 25 years, and are pleased to add Talley to the Nammo Group as a U.S. entity. Talley now presents us with a key platform for expanding the sales of our products and technology to the U.S. market, which already accounts for 25% of our total sales."
Talley has more than 45 years experience in energetic systems and has been an industry leader in developing aircrew escape systems, automobile airbags, shoulder-launched weapons and other key propellant loaded devices. Talley has annual sales of approximately $60 million and 220 employees. "We are extremely proud to join the Nammo Group, and look forward to contributing to their exceptional growth. The addition of Nammo's technology, products and overall strength completes an important element of Talley's long-term strategy to offer increased product line diversification to our customers," said Steven Wegener, President of Talley.