Chemring to sell European munitions business for up to 168 mln euros

April 24 Thu Apr 24, 2014 2:56am EDT

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April 24 (Reuters) - British defence contractor Chemring Group Plc said it would sell its European munitions business to France's Nexter Systems SA for up to 167.8 million euros ($232.1 million) to focus on its core defence technology business.

The company, which makes decoy flares used to counter heat-seeking missiles, said it would use a part of the proceeds from the sale of Mecar and Simmel to repay its revolving credit.

Shares in the company closed at 237.50 pence on Wednesday on the London Stock Exchange.

($1 = 0.7231 Euros) (Reporting by Tasim Zahid in Bangalore; Editing by Gopakumar Warrier)

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