Acquisition of Hi-Shear Technology

(September 16, 2009) -- Chemring Group PLC ("Chemring" or "the Group") announces that it has entered into a conditional agreement to acquire the entire issued stock capital of Hi-Shear Technology Corporation ("Hi-Shear"), a US public company traded on the NYSE AMEX, for a cash consideration of $19.18 per share equating to $132 million (pound80 million).

Hi-Shear, based in Los Angeles, USA, is a leading manufacturer of high reliability energetic solutions that perform critical functions in key US space and defence programmes, including satellites, space launch vehicles, missile defence and aircrew egress. Its products include low shock pyrotechnic satellite separation systems, space-qualified initiators, electronic missile safe/arm devices and acoustic initiators for underwater explosive ordnance disposal (EOD) applications.

Source : Chemring Group Plc.