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Introduction to Chemring Group
Chemring is a leader in Countermeasures, Sensors and Energetic SystemsCompany overview Financial summary (£m)
Company management
Segment breakdown
FY 2016 Sales: £477m
Chemring develops and manufactures protection solutions for defense and security markets worldwide
Operates in three market sectors:
– Countermeasures: Offers protection for aircraft, ships and land platforms against guided missile threats – growth from F-35
– Sensors: Provides equipment to detect, disable and defeat the threats posed by concealed IEDs (improvised explosive devices) unexploded ordnance, electronic warfare, and chemical and biological agents– growth from US detection programs; HMDS, NGCD and JBTDS
– Energetic: Offers military pyrotechnics, 40mm ammunition, and a range of high reliability energetic components for aircraft, missiles and space applications
Serves customers in more than 50 countries worldwide
Headquartered in Romsey, UK, it has an employee strength of 2,577 worldwide, at locations in the UK, the US, Norway, United Arab Emirates and Australia
– US businesses (except CED): Operate under an SSA and SSA Board
Michael Flowers Chief Executive Officer
Andrew Lewis Group Finance Director
Rik Armitage Group Director of Strategy & Technology
Rupert Pittman Group Director of Corporate Affairs
Sarah EllardGroup Legal Director
FY 2016 EBIT: £48.5m
Terry Bridgewater Group Safety Director
2
FYE Oct FY16A FY17E FY18E
Group Revenue £477.1 547.0 514.1
Group Operating Profit
Countermeasures- Margin
12.89.3%
11.99.0%
15.912.0%
Sensors- margin
11.411.8%
12.012.0%
18.214.0%
Energetics- Margin
31.713.1%
37.712.0%
31.412.5%
Corporate & unallocated -7.4 -10.0 -10.5
Group EBIT 48.5 51.7 55.0
Group Margin 10.2% 9.4% 10.7%
Source: Investec Securities estimates / company accounts
Energetics51%
Countermeasures29%
Sensors20%
Energetics57%Countermeasures
23%
Sensors20%
Chemring is structured into three operating divisions
The Energetics segments manufactures military pyrotechnics and a range of high reliability energetic components for aircraft, missiles and space markets. Applications include emergency egress, missile and space systems
Also manufactures military pyrotechnic products (land forces ammunition, smokes and illumination and training effects), as well as high explosive products, including mine-field clearance systems, demolition stores and 40mm grenades
The Countermeasures segment manufactures expendable countermeasures for protecting air, sea and land platforms
This segment’s products include conventional and advanced flares, special material decoys, chaff, as well as naval RF and IR decoys and naval decoy launchers
The Sensors segment provides technologies and services for chemical, biological and IED threat detection, electronic warfare and cyber protection
Manufacture a range of detonators, initiators and disruptors for demolition and explosive ordnance disposal
Provides force protection (detection, route clearing & breaching and site access & security) as well as homeland security (electronic warfare, electronic surveillance and signals intelligence)
F-15 FlaresSH-60 Seahawk Flares Mine DetectionIED Disruptor Thrusters40mm Munitions
Countermeasures
Sales: £138.3m (29.0% of FY 2016 Group
sales)
EBIT: £12.8m (FY 2016)(1)
Sensors
Sales: £96.9m (20.3% of FY 2016 Group sales)
EBIT: £11.4m (FY 2016)(1)
Energetics
Sales: £241.9m (50.7% of FY 2016 Group
sales)
EBIT: £31.7m (FY 2016)(1)
Chemring Countermeasures UK
Chemring Countermeasures US (Kilgore Flares)
Chemring Countermeasures US (Alloy Surfaces)
Chemring Australia
Chemring Technology Solutions (UK)
Roke (UK)
Chemring Sensors & Electronic Systems (US)
Chemring Australia
Chemring
Ordnance (US)
Chemring Prime Contracts (UK)
Chemring Defence (UK)
Chemring
Energetics (UK)
Chemring Nobel (Norway)
Chemring Energetic Devices (US)
Energetic sub-systemsMilitary pyrotechnics
3
Sep-09
Acquires Hi-Shear Technology for $132.3m
Jun-10Acquires Allied Defense Group for $68.5m
Aug-10Acquires Roke Manor Research for $89.3m
Apr-11Acquires General Dynamics Detection Systemsfor $90.0m
Apr-14Sells Mecar & Simmel for $164.8m May-14Acquires 3d-Radar for $3.0mJun-14Sells Chemring Defence Germany for $3.8m
£67m £95m £85m £110m £126m £121m£188m
£255m
£354m
£504m £597m
£724m £740m
£472m£403m £377m
£477m7.3x8.8x
9.9x9.0x
7.8x 7.9x
11.3x
12.8x11.6x
8.7x9.9x
8.8x
7.1x8.8x
9.7x
13.0x
9.4x
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Feb-01Acquires Alliant Kilgore Flares for $23.0m
Jul-05Acquires Comet for $11.6mSep-05Acquires Chemring Energetics UK for $39.3m Nov-05Acquires Drew Marine Signal & Safety for$11.6m
Mar-07Acquires Simmel Difesa for $109.8m
Apr-07Sells McMurdo Marine LightsMay-07Sells I.C.S. Electronics
Jun-07Acquires Chemring Nobel AS for $5.5mNov-07Acquires Richarmond EEI for $23.1m
Jan-08Acquires Pirotecnia Oroquieta for $0.6m
Jan-08Acquires Titan Dynamics Systems for $4.8mMay-08Acquires Scot for $40.0m
Jun-08Acquires Martin Electronics for $70.0m
Oct-08Acquires Non-Intrusive Inspection Technology for $40.0m
Chemring’s evolution in recent years
(1)
Rev CAGR
’00-’08 23.1%
’08-’16 3.8%
EV/EBITDA
Min 7.1x
Max 13.0x
Avg. 9.5x
Jun-12Sells Chemring Marine for $49.5m
The company is making several divestitures over last few years to re-shape the company’s growth strategy and bolster balance sheet
AcquisitionsDisposals
Oct-06Acquires BDL Systems for $17.0mDec-06Sells Leafield Marine for $0.9m
Jan-06Acquires LeafieldMarine & Leafield EngineeringFeb-06Acquires Technical Ordnance for $47.5m
(2)
Nov-15Acquires Wallop Defence Systems
4
0
25
50
75
100
125
150
1/4/16 3/12/16 5/19/16 7/26/16 10/2/16 12/9/16 2/15/17 4/24/17
Chemring Peers Index FTSE 250 (19.4%)
6.1%
8.2%
13.6%
14.6%
(52.7%)
7.7%
8.3%
10.6%
14.7%
Chemring has outperformed its peers over the past year
Chemring’s indexed total return versus peers (Since 01/01/2016)
£1.95+7.7%
(32.2%)
Jan 21 2016Announced a fully
underwritten right issues of
~£80.8mPrice: £1.61
Apr 19 2016Appointed Carl Foster as
Independent Non-Executive Director &
ChairmanPrice: £1.36
Jan 21 2016Reported FYE 2015 ResultsPrice: £1.61
+14.7%
Jun 21 2016Reported HYE 2016 ResultsPrice: £1.15
Dec 13 2016Appointed Andrew Lewis as
Group Finance DirectorPrice: £1.67
Jan 19 2017Reported FYE 2016 ResultsPrice: £1.72
Jul 21 2016Awarded R&D contract on Next Generation Chemical Detection (NGCD) Program
of RecordPrice: £1.36
Feb 19 2017Announced the
opening of a new office in the
UAEPrice: £1.91
Feb 13 2017Awarded a $4.9m contract from the US Army for ten ground penetrating radar
trial systemsPrice: £1.92
Source: Company website and Capital IQ as of Apr 27, 2017Note: Total returns inclusive of dividend reinvestment
2017 YTD Total shareholder returns
Total shareholder returns (Since 01/01/16)
FTSE 250
FTSE 250
Mar 17 2017AGM trading
update –expectations unchangedPrice: £1.98
5
The Board of Directors has seen significant changes in the past year
Board of directors Executive management
Andrew Lewis – Group Finance Director Appointed Group Finance Director on 09 January
2017 Previously, Group Finance Director and Interim CEO
of Avon Rubber Prior, Director at PwC and Group Financial
Controller at Rotork Plc
Michael Flowers – Group Chief Executive Appointed to the Board as Group Chief Executive on
24 June 2014, having previously been Group Director — Munitions, with responsibility for running and subsequently disposing of the Group’s European munitions businesses
Joined Chemring in 2006, and ran the Group’s Australian operations for seven years
Previously, worked for BAE Systems in program management roles, principally in the weapons systems and electronic warfare domains
Sarah Ellard – Group Legal Director & Company Secretary Appointed as Group Legal Director on 7 October
2011, having been Group Company Secretary since 1998
Prior to joining the Group, Sarah trained and worked at Ernst & Young LLP
Carl-Peter Forster – Non-Executive Director, Chairman Appointed as a Non-Executive Director of Chemring on 1 May 2016 Succeeded Peter Hickson as Chairman on 1 July 2016 Currently a non-executive director of Rexam plc, IMI plc and
Cosworth Ltd. Also Chairman of the London Taxi Company, Board member of Volvo Cars Corporation, and Board member of Geely Automobile
From 2003 to 2006, he was a non-executive director of Rolls-Royce plc
Daniel Dayan – Non-Executive Director Appointed as a Non-Executive Director of Chemring on 7 March
2016, and is Chairman of the Remuneration Committee. He is also Chairman and CEO of LINPAC Group and is non-executive Chairman of the Nonwovens Innovation and Research Institute Ltd
From 2005-2013, Daniel was CEO of Fiberweb plc, a global, specialty industrial textiles manufacturer
Nigel Young – Non-Executive Director Appointed as a Non-Executive Director of Directoron 1 May 2013,
following his appointment as Interim CFO in July 2012 Nigel was previously Group Finance Director of Morgan Crucible
Company plc, as well as finance director of United Scientific Holdings plc, First Technology plc and Babcock International plc
Andrew Davies – Non-Executive Director Appointed as a Non-Executive Director of Chemring on 17 May
2016 Currently, Chief Executive of Wates Group Andrew was a Managing Director of BAE Systems Maritime
business, Group Strategy Director, member of Executive Committee of BAE Systems and a Managing Director of BAE System Land Systems division
6
Key growth drivers
7
Future growth will be driven by a combination of key long-term US Programs of Record and operational improvement initiatives across the Group
US Programs of Records:
Husky Mounted Detection System (“HMDS”) Ground Penetrating Radar (“GPR”)
- Locates buried roadside bombs and improvised explosive devices
- Over 230 systems fielded in Iraq and Afghanistan in response to Urgent Operational Requirement
- International customers include Canada, Australia, Spain & Turkey
- Now transitioning to a long term core capability for the US DoD
- Program valued at >$500m
- 2014 Chemring awarded sole source EMD contract to design the next generation HMDS to provide enhanced GPR capabilities
- 2016 Program realigned to incorporate spiral development, funding remains unchanged
- Feb 2017 contract received for ten trial systems. Successful evaluation expected to lead to upgrades to the entire US HMDS fleet
Joint Biological Tactical Detection System (“JBTDS”)
– A man-portable biological warfare detection and identification system to support future detection capability requirements for all US services. Replaces Joint Biological Point Detection System, also a Chemring product
– 2015 Chemring selected as sole source provider of JBTDS
– Program valued at >$300m
– EMD phase on-going with low rate initial production to follow completion of Government testing
Husky Mounted Detection System
Joint Biological Point Detection System
Key growth drivers (2)
8
Future growth will be driven by a combination of key long-term US Programs of Record and operational improvement initiatives across the Group
US Programs of Records:
Next Generation Chemical Detector (“NGCD”)
- A program for all branches of the US military with three different variants to support future chemical detection capability requirements. Builds on existing technology, including the Joint Service Lightweight Standoff Chemical Agent Detector (“JSLSCAD”), also a Chemring product
- Program valued at >$800m
- All three variants are competitive and Chemring has progressed to the prototype phase on all three
- EMD phase to follow competitive tendering process
F-35 Joint Strike Fighter (“F-35”)
- Next generation combat aircraft capable of ground attack and air defence missions
- Global fleet expected to be c.3000 platforms, first US squadron entered service August 2016
- Deliveries to the US are scheduled until 2037m with a projected service life up to 2070
- Chemring is the sole qualified supplier of specialist countermeasures for the global F-35 fleet
- Qualification of Chemring Australia as second source is on-going
- Low Rate Initial Production continues to gradually gain momentum
Operational improvement initiatives
- Improved productivity. Operational Excellence Programme launched early FY17 driving further improvements in safety, knowledge sharing, sales coordination, gross margins and cash generation
- Site optimization. Further site consolidation and plant closures expected to deliver c.$6.5m per annum saving once completed
Stryker NBC vehicle with JSLSCAD
F-35 Joint Strike Fighter
© Crown Copyright
Progress on our roadmap
9
• Plant consolidation at Alloy Surfaces completed post delivery of urgent requirements
• Closure of Torrance facility in 2018 progressing according to plan
• Minor sites closed at Charlottesville and Tallahassee
• Low rate initial production continues to gradually gain momentum, LRIP 6 ongoing, LRIP 7 in award phase. F-35 SMD requirement in pre solicitation phase
• Conclusion of second source qualification programme in Australia
• Operational Excellence Programme underway - driving further improvements in safety, knowledge sharing, sales coordination, gross margins and cash generation
We continue to make good progress against operational improvements and against future growth programmes
Productivity
Site optimisation
HMDS
JBTDS
NGCD
F-35
• Upgrade programme realigned to incorporate spiral development, funding unchanged
• Contract received for development, trials and manufacturing efforts in half. Significant further development and production contracts expected in 2018
• EMD phase ongoing
• Milestone review Q3 followed by Government testing program, LRIP to follow
• Prototype phase on all three variants. EMD phase to follow competitive tendering process
• Initial tenders expected H2
Operational Excellence Programme
10
Leveraging the synergies of the individual businesses through:• a programme of disciplined collaboration, and • the establishment of a culture of continuous
improvement
Key H1 2017 achievements:
• Group level operational improvement initiatives at four sites
• Local improvement projects launched at each site• Lean assessment tool developed and assessments
complete• Safety maturity assessment tool developed and
assessments ongoing• Group wide CRM system roll out commenced >50%
complete, target 100% by year end• UAE office opened as part of country management
strategy
Health & Safety
Operational Performance
Internal Systems & Processes
Sales Effectiveness
New Products & Services
Procurement
Continuous operational
improvement
Six operational excellence teams established to create a cohesive operational environment that delivers:• greater customer satisfaction• an empowered workforce• superior shareholder value
Disciplined capital allocation
11
Investment for growth remains the priority...
• £117.2 million PP loan notes outstanding at Apr 2017
• £52.6 million repayment due in Nov 2017, remaining £64.6m Nov 2019
• R&D c.£10.0 million per annum
• Capex (maintenance and safety related) c.£15 million per annum
• Capacity and capability enhancements at Norway and Kilgore
• Operational excellence programme will drive increased capex for systems and improvement initiatives
• Targeted bolt-on acquisitions to fill capability gaps
• Complementing existing technologies, factory footprints and routes to market
Capital allocation framework
PP loan note repayment
Investing to drive organic growth
Dividend
…as we seek to maximise shareholder returns.
• Board is committed to a sustainable dividend, seeking to grow the dividend over the long term, commensurate with other capital needs
M&A
Emerging stronger from the downturn
12
The actions taken in recent years…
...have built a stronger platform for future growth.
Bank facilities renegotiated
Balance sheet strengthened
Divestment of non-core assets
Removal of divisional operating structure
Bolt-on acquisitions
Refreshed Board of Directors
Business unit integration and site
closuresOperational Excellence Programme launched
Targeted operational and R&D investment
Progress to a culture of continuous
improvement and value creation
Summary and H2 Outlook
13
• Solid H1 performance across the Group
• Board’s expectations for FY 2017 are unchanged
• Order book solid, approximately 85% of expected H2 revenue covered
• Safety remains an imperative
• Operational Excellence Programme progressing well with positive results already being seen
• Major growth programmes continue to progress, underpinning medium term opportunities
• Improving outlook for global defence spending
Organisation Chart
14
Energetic Sub-systems
Chemring Group PLC
Operating Business Units
Chemring Countermeasures UK
Chemring Countermeasures USA
(Kilgore Flares)
ChemringCountermeasures USA
(Alloy Surfaces)
Chemring Technology Solutions (UK)
Roke (UK)
Chemring Defence (UK)
Chemring Energetic Devices (USA)
Chemring Energetics (UK)
EnergeticsSensors Countermeasures
Military Pyrotechnics
Chemring Nobel (Norway)Chemring Sensors & Electronic Systems (USA) –
NIITEK & ChemringDetection Systems
Chemring Prime Contracts (UK)
Chemring Ordnance (USA)
3d-Radar (Norway)
Chemring Australia
Countermeasures
15
Markets - 50% world market share
• Largest supplier of airborne decoy countermeasures to the US Department of Defense and the UK
Ministry of Defence
• Technology leader in spectral, special material and thrusted flares for fixed-wing and rotary-wing
aircraft
• Customers in 33 countries
Products - world leading capabilities
Air countermeasures
• Conventional and advanced flares – protection against heat-seeking and guided missiles
• Special material decoys – covert and pre-emptive infra-red decoys
• Chaff – protection against radar guided threats
Naval countermeasures
• Radio Frequency decoys – protect ships against radar-guided threats
• Infra-Red decoys – protect ships from infra-red guided threats
• Centurion naval decoy launcher – optimises the placement of naval decoys
F-22 flare suite
RF / IR Naval Countermeasures
Centurion Naval Launcher
CH-47 special material decoys
Maintain world lead in expendable decoys
• Exploit clear lead in conventional and advanced flares
• Build market leading position in naval launchers and decoys
Chemring Group is the global leader in the manufacture of countermeasures which are used to protect aircraft and ships from the threat of heat-seeking and radar-guided missiles and tracking systems.
Sensors
16
Markets – Leading positions in mission critical niches
• Over 230 US Husky-Mounted Detection System (HMDS) fielded in theatre
• Leading US supplier of stand-off chemical detection (Joint Service Lightweight Standoff Chemical
Agent Detector - JSLSCAD) and biological agent detection (Joint Biological Point Detection System -
JBPDS)
• UK technical lead in electronic warfare and signals intelligence
• Connectivity, cyber, data analytics and autonomy services for defence, national security, high value
manufacturing and infrastructure clients.
• Advanced solutions and equipment for counter-IED and Explosive Ordnance Disposal (EOD)
scenarios
Products - world leading capabilities
• Hand-portable, vehicle-mounted and networked detection systems
• Man-portable and vehicle-mounted Electronic Warfare systems and electronic surveillance
• Advisory services, technology research and development, engineering and design
• Remote initiators, recoilless de-armers and lightweight disruptors for counter-IED/EOD
HMDS
Resolve EW system
Cyber security
IED defeat solutionsExploit world leading technologies
• Maintain lead in GPR and jamming technology
• Become market leader in IED detection and neutralisation, and chemical/biological threat detection
Energetics – Energetic Sub-Systems
17
Market - sole source supply to NASA and Martin Baker
• Leading supplier of low shock satellite separation products and NASA Standard Initiators
• Largest supplier of pyromechanisms for aircraft egress systems
• Trusted supplier to key prime contractors including Lockheed-Martin, Boeing, Raytheon, MBDA and
ATK
Products - high quality, high reliability
• Missile ‘launch and fly’ - actuators, retention mechanisms, safe and arm units, motors and weapon
release cartridges
• Space and satellite launch - initiators, separation sub-systems, thrusters, actuators, CADs/PADs
• Ejection seat components and canopy cutting charges to Martin Baker
• High explosives and rocket motor compositions including HMX, RDX, NTO, NENA products and
insensitive munitions
• Rocket motor design and manufacture
Maintain leading niche positions
• Exploit trans-Atlantic footprint to promote US space qualified products
• Ensure position on next generation platforms for missile and space programmes
• Explore non-defence opportunities
Atlas rocket & boosters
Aircrew egress
Satellite separation nuts
Energetics – Military Pyrotechnics
18
Markets - NATO/Non-NATO balance
• Major supplier to US and UK
• Strong routes to market in the Middle East
Products - specialist rounds and products for niche applications
Ammunition
• 40mm grenades and mortar ammunition for infantry forces
Demolition and breaching systems
• Anti Personnel Obstacle Breaching Systems
• Sabrex shaped cutting charges
• Bangalore Torpedo breaching system
Pyrotechnic
• Smokes, signals and illumination rounds
• Advanced spectral pyrotechnic illumination and screening products
• Training rounds, launchers and simulators
• Security products - CS grenades, cartridges and stun grenades
Roll-out operational excellence
• Promote newly developed products
• Improve asset utilisation by winning major US build-to-print programmes
Global Footprint
19
11 facilities located across 4 countries
United States of America
• Chemring Countermeasures USA,
Pennsylvannia & Tennessee
• Chemring Energetic Devices, Illinois &
California
• Chemring Ordnance, Florida
• Chemring Sensors and Electronic Systems,
Virginia & N.Carolina
Europe
• Chemring Countermeasures, UK
• Chemring Technology Solutions, UK
• Roke, UK
• Chemring Defence, UK
• Chemring Energetics, UK & Norway
• 3d-Radar, Norway
Australia
• Chemring Australia
UAE office
Global Customer Base
20
16%
25%
59%
48% North America
35%
11%
54%
1% ROW
48%
2%
50%
6% Europe (ex UK)
82%
5%13%
8% Asia Pacific
64%
24%
12%
21% Middle East
FY16 revenue split 69:31 between NATO and Non-NATO customers
• US DoD is Chemring’s single largest customer
• Chemring has extensive relationships with prime contractors
• Lockheed Martin• BAE Systems• Boeing• General Dynamics• Raytheon• ATK
32%
14%
54%
17% UK
Energetics51%
Sensors20%
Countermeasures29%
FY16 £477.1 million Global revenues by segment
Our market strategy
Position for growth through innovation, manufacturing excellence and international expansion
Countermeasures
Sensors
Energetics
• Strengthen position on key programs: Typhoon and F-35• Improve position in Naval countermeasures market• Continue focused R&D effort• Investment in operational processes
• Focus on areas of technological strength in counter-IED, Electronic Warfare, and chemical and biological detection
• Increase technology leadership through customer funded and internally funded R&D • Win key NATO programmes to exploit globally• Growth in connectivity, cyber, automation and data analytics
• Maintain current business base and product range whilst seeking new markets• Broaden into adjacent commercial markets• Growth focus on higher technology niche aerospace, space and missile system
applications
21
22
– Roke
Deliver profit and cash
Embed operational excellence
Invest for growth
Complete restructuring and site rationalisations
Secure F-35 flareBroaden naval countermeasure
business
Rationalise sites and manufacturing operationsTargeted R&D investment to secure Growth
Programmes
Recruit to meet current demandEnhance internal development capability for cyber and
security professionalsEstablish satellite offices
Targeted facilities investment
Operational excellence programme
Exploit synergies in internal supply and routes to market
Operational excellence programme
Complete restructuring and site rationalisation
Deliver current order book
Countermeasures
Sensors – Products
EnergeticsDeliver cash to fund growth
Focus segment on higher margin niche products
Our segmental strategies
23
Our Capabilities
Countermeasures - Capabilities
24
Air Countermeasures
Advanced Countermeasures
Special Material Decoys
Naval Decoys
Naval Launcher
Countermeasures - Capabilities
25
Air Countermeasures
Chemring’s comprehensive
product range is based on
proven threat driven solutions
to protect all types of air
platforms – fast-jets, transport
aircraft and helicopters.
Our products support the
challenges of modern air
missions and offer mission
specific capabilities including
day and night visual
covertness and tailored
spectral characteristics.F-15
C-17
SH-60
Seahawk
Chemring supplies
conventional and
advanced flares for
most NATO
platforms
F-22
F-35
F-18
Typhoon
CH-47
Chinook
AC-130
Tornado
Countermeasures - Capabilities
26
Advanced Countermeasures
Chemring’s advanced
countermeasures are designed to
defeat the latest-generation guided
missiles, which can discriminate
between traditional flares and target
aircraft, by emulating flight
characteristics and infra-red spectral
emissions.
Our advanced countermeasures
protect both legacy and next
generation platforms, including F35
and Typhoon.
Spectral flare
Royal Navy Lynx
helicopter deploys
“cocktail” of spectral
and MTV flares
Typhoon
Chemring is
the sole
supplier for
Typhoon
flares
Thrusted flare
K7 thrusted 2” x 1” flare
protects F-16 and defeats
seeker by maintaining
similar flight profile to
target aircraft
Chemring is the sole
supplier for F-22 and
F-35 flares
0
200
400
600
800
1,000
1,200
1,400
1,600
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
Growth drivers Case study: Next generation aircraft drive market growth
27
- Build-up of operational stockpiles of 3,000 flares per aircraft, but only for 50% of the actual fleet
- Training and test consumption of 150 flares per in-service aircraft per year (10% of war stock)
- New flares more expensive than the flares they replace
- Decoy user base expands as retiring platforms are sold on to new NATO and growing economies
Chemring sole supplier of decoys:
- 55mm flare and spectral variant unique to
Typhoon
- Additional opportunity for BOL chaff & IR
- Potential export opportunities remain in
Bahrain, UAE, Kuwait, Denmark, Malaysia,
and Qatar
- Global fleet of c.800 platforms
Global aircraft fleet
Air
cra
ftd
eli
ve
red
Chemring sole supplier of F-35 unique flares:
- Ultimate global fleet of c.3,000 platforms
F-35
Typhoon
Source: SIPRI, Global Military Balance, IHS Jane’s
F-35 Fleet
Typhoon
Fleet
Countermeasures - Capabilities
28
Special Material Decoys
Chemring’s Special Material Decoys
rapidly oxidise in air to generate an
Infra-Red signature to protect against
advanced heat-seeking air-to-air and
surface-to-air missile threats.
Used on multiple platforms including
fast-jets, helicopters and transport
aircraft.
Material is dispensed from
conventional cartridges, or a BOL
dispenser to provide a pre-emptive
solution to prevent missile lock-on
before launch.
Chinook CH-47
dispensing flares and
Special Material
DecoysBOL- Infra-red
cassette
Infra-red image of
BOL – IR pre-
emptive decoyM211 1”x1”
decoy cartridge
Countermeasures - Capabilities
29
Naval Decoys
Chemring is the world leader in the
provision of naval anti-ship missile
countermeasures or ‘soft kill’
expendables for protecting
warships.
It is the prime supplier of passive
radio frequency / infra-red decoys
to the Royal Navy, many NATO
and other navies throughout the
world. Infra-red chaff fired from launchers on board Type 23 Frigate HMS Iron Duke
Type 45 Destroyer HMS Dauntless fitted with Chemring’s Naval decoys
130mm round firing
Countermeasures - Capabilities
30
Naval launcher
Chemring’s CENTURION launcher
is a twelve barrelled fully trainable
launcher that optimises decoy
placement, minimising the need for
ship manoeuvre, delivering rapid,
accurate and enhanced protection,
increasing survivability and
sustainment of naval platforms.
Centurion provides a major
improvement in ship borne EW
defensive capabilities and can also
address surface threats, torpedo
threats, and has the potential for
longer range offensive capability.
CENTURION delivers accurate
payload placement to maximise
decoy effectiveness
CENTURION can be configured with a
range of 130mm rounds, as well as
being adaptable to other calibres, to
suit mission profiles.
CENTURION can be
easily retro-fitted to a
broad number of platforms
as well as operating
autonomously on a range
of vessels.
Fixed
Launcher
CENTURION
Trainable
Launcher
Sensors - Capabilities
31
Force Protection
Chem Bio Detection
Innovation
Cyber security, autonomy and
connectivity
Electronic Warfare
Sensors - Capabilities
32
Force Protection
HMDS vehicle-
mounted IED
detection
From technology to
capability
Roke’s R&D and
innovation generating
solutions to complex
sensing problems
R-VISOR
autonomous mine
detection
SHARD –
handheld
reconfigurable
IED detection
Disruptors safely
neutralise IEDs,
protecting assets and
forensic evidence
3D Radar
GPR antenna arrays
33
Growth drivers Case Study: HMDS counter-IED systems
development and market penetration
HMDS
• HMDS originally funded as urgent operational requirement in Iraq and Afghanistan for US
DoD
• Significant additional sales to ‘coalition’ forces – Canada, Australia, Spain, Italy, Turkey
• The system is transitioning to baseline capability through customer funded R&D. Solution
includes Roke developed detection technologies.
• Significant international demand remains
3d-Radar
• 3d-Radar acquired to provide complementary non-ITAR solutions
• Opportunities in Middle East are progressing positively
• 3d-Radar solutions marketed in adjacent markets. Applications include infrastructure, tunnel
detection and industrial survey
Hand-held and Robot
• HMDS technologies utilised in Groundshark hand-held detector
• Initial orders received, substantial opportunities in pipeline
• Small remotely operated vehicle-based system also developed
The HMDS is a combat
proven, high-performance
ground penetrating radar
(GPR) system providing rapid
detection of landmines and
other explosive devices
(IEDs)
Groundshark employs HMDS
technologies to provide latest
generation hand-held solution
for land mine and IED
detection
Originally a single solution for a single customer, GPR capability has now transitioned to a
family of solutions
Sensors - Capabilities
34
Chem Bio Detection
Chemring is a leading provider and
systems integrator or advanced
point and stand-off chemical threat
detection systems and biological
agent detectors.
As of January 2017 Chemring is
the only manufacturer to be
participating in all three initial R&D
contracts for the Next Generation
Chemical Detector Program of
Record.
Funded development of
Chemring’s sole source position on
the Joint Biological Tactical
Detection System is ongoing. In
2017, the programme is expected
to move from the engineering and
development phase into low rate
initial production.
JBPDS Automatic detection and
identification of airborne
biological agents
JUNO
Hand-held
chemical
detector
I-Collector
Low cost
biological
detection and
collection
PGR-1064
Explosives, narcotics,
chemical warfare agents,
and toxic chemical
detection
The ISCAD – passive
infra-red Chemical
detection system is
fitted in the Stryker
NBCRV
Sensors - Capabilities
35
Electronic Warfare
Chemring’s EW technology
detects, intercepts, locates and
disrupts enemy
communications on a tactical
and strategic level.
Chemring also provides
solutions to protect friendly
forces communication
networks.
Strategic signals
intelligence geolocation
and intercept
SAMPSON
Advanced processing
algorithms for the radar
fitted to Type 45
Destroyer HMS Daring
Locate-T
A mobile version of
LOCATE to extend
range and improve
accuracy
Tactical Electronic Warfare
system for radio Direction
Finding and interception
Sensors - Capabilities
36
Cyber Security
Chemring provides full lifecycle
cyber security, starting with
awareness and education at
both board and at a deep-
technical level.
We can fully assess a system,
be it a product or an entire
organisation, looking at cyber
risk and applying appropriate
mitigation to protect them
according to their unique threat
profile.
Chemring can provide ongoing
monitoring, managing and
keeping pace with the ever-
changing threat landscape.
Passive content
inspection network
probe
Crypto network
design and device
management tool
Bio-inspired cyber security
solution for enterprise networks
SmartToken
Making commercial devices
suitable for government use
A turnkey suite of
modular products
for lawful intercept
Sensors - Capabilities
37
Innovation
Chemring is one of the UK’s
leading suppliers of innovative
solutions, product
development and contract
R&D.
With more than 400 patents,
Chemring continually invests
in technology, people and
research to rapidly solve
complex problems and
provide state-of-the-art
products that meet the needs
of customers worldwide.
Video Moving Target Indication
and analytics
Portable 3G
network
Altimeters for
UAVs and
target drones
Churchward
Radio transmitter
detection and direction
finding.
Autoland
Enables a rotatory wing
UAV to land on a
moving platform.
Energetics - Capabilities
38
Aircrew
egress /
safety
Missile
ComponentsSpace
Energetics - Capabilities
39
Aircrew Egress / Safety
Scot Communication
and Oxygen System
Tester (SCOT)
Joint Combined
Aircrew
Systems Tester
(JCAST)
Canopy cutting cords to
assist in canopy break-up
and removal
Chemring designs and manufactures
a range of safety systems used in
emergency situations including crew
egress.
These products are supported by
our safety testing equipment,
including communications and
oxygen supply testing.
Exclusive supplier to Martin
Baker, the world’s leading
manufacturer of ejection seats
Emergency
Egress Handles
Energetics - Capabilities
40
Space
Chemring is a leading space
component supplier, with a 55 year
heritage proven through space
programmes.
Chemring actuators, thrusters and
retractors are used on a number of
significant NASA and ESA
programmes including the Atlas,
Delta and Titan family of launch
vehicles, space exploration
vehicles and satellites.
Large thrusters are used
for booster rocket
separation, including the
Atlas launcher.
Over 200 high-reliability
Chemring products
contributed to the
successful landing of
NASA’s Curiosity rover
on Mars.
In collaboration with the
Gioconda consortium, Chemring
is supporting the UK MOD’s
miniaturised satellite research
project currently being
developed for space research.
Energetics - Capabilities
41
Missile Components
Chemring supplies a wide range of
high quality, high reliability, zero
maintenance components
supporting a number of missile,
bomb and torpedo programmes
across an international military
customer base.
Chemring also supplies rocket
motors, with a strong track record
in fuze and warhead design,
manufacture and integration.
US Tomahawk
long range
cruise missile
uses a number
of Chemring
products within
its launch
sequence
NLAW
disposable
anti-tank
weapon
Weapon Release Cartridges
2.75” Rocket
PAC-3 Surface
to Air missile
Energetics - Capabilities
42
Demolition
stores
Signalling,
screening &
illumination
40mm
grenades
Law
enforcement
and crowd
control
Mine &
obstacle
breaching
systems
Energetics - Capabilities
43
Signalling, screening
& illumination
Chemring has an extensive
portfolio of products that covers
illumination, signalling, search and
rescue, screening, training, law
enforcement and high energy
products.
Our screening and obscuring
products can be used for rapid and
highly effective concealment of
troops and equipment in the visual,
infra-red and laser wavelengths
during operations and training.
Illumination mortars
Screening smokes
Vehicle launched
grenades for
screening
Military Pyrotechnics - Capabilities
44
Law enforcement
Chemring manufactures a range
of non-lethal security products for
military and law enforcement
applications.
Products include:
- CS smoke pellets
- Baton rounds
- Rubber bursting CS grenades
- Vehicle launched grenades
- Stun grenades
Illumination mortars
CS and Stun
grenades40mm baton round
Military Pyrotechnics - Capabilities
45
40mm grenades
Chemring manufactures low and
high velocity High Explosive and
High Explosive Dual Purpose
ammunition.
Chemring also produces a new
range of 40mm extended range
low velocity ammunition for
under-slung infantry rifle grenade
launchers.
Illumination mortars
Special Forces troops
using under-slung rifle
40mm grenade launcher Soldier carrying a bandolier
of 40mm High Explosive
grenades
Military Pyrotechnics - Capabilities
46
Mine & obstacle breaching systems
Chemring is the leading
manufacturer of man-portable
obstacle breaching systems for
quickly clearing safe
passageways through anti-
personnel minefields, IED threat
areas, multi-strand wire and
other obstacles.
Reusable, inert training versions
are also available.
APOBS is a self-contained, one-
shot, expendable linear
demolition charge which can be
transported and deployed by a
two person team
Advanced Performance
Bangalore Torpedo (AP
Bangalore) gives significant
improvement in performance
and is easier to carry and
use.
…and detonating.APOBS firing
Military Pyrotechnics - Capabilities
47
Demolition stores
Chemring has developed a
complete capability in demolition
stores to meet the needs of
military users for Explosive
Ordnance Disposal, field
engineering and demolition.
We provide a full range of
explosive products from initiation
systems to main charges, both
bulk explosive and cutting
charges.
C4 Mouldable Plastic Explosive
Sheet Explosive
Sabrex flexible
Linear cutting
charge
48
Our Businesses
Organisation Chart
49
Energetic Sub-systems
Chemring Group PLC
Operating Business Units
Chemring
Countermeasures UK
Chemring
Countermeasures USA
(Kilgore Flares)
Chemring
Countermeasures USA
(Alloy Surfaces)
Chemring Technology
Solutions (UK)
Roke (UK)
Chemring
Defence (UK)
Chemring
Energetic Devices (USA)
Chemring
Energetics (UK)
EnergeticsSensors Countermeasures
Military Pyrotechnics
Chemring Nobel (Norway)Chemring Sensors &
Electronic Systems (USA)
– NIITEK & Chemring
Detection Systems
Chemring
Prime Contracts (UK)
Chemring
Ordnance (USA)
3d-Radar (Norway)
Chemring Australia
Countermeasures
50
Chemring Countermeasures has world-leading decoy technology for air and naval
platforms
– Main UK supplier of decoy flares and chaff to protect military aircraft from electro optic,
infra-red and radio frequency guided missiles and has developed a range of tailored
spectral, thrusted and multi-shot flare and chaff products
– £30 million investment in fully automated production facility, able to provide a significant
increase in capacity to meet the high surge requirements during times of conflict
– Strong position in naval countermeasures
– Centurion naval launcher developed for perceived UK and world market need for trainable
launcher
– Licensed explosive site complying with all HSE requirements in accordance with UK
Legislation - The Explosive Regulations 2014
– Constant research and development requirement to maintain technology lead supported by
a dedicated R&D team and comprehensive environmental test facilities. The majority of
programs are funded by UK MoD combined with some PV programs to support export
customer requirements
– Customers are National Ministries of Defence including the UK, Germany, Italy, Norway,
Netherlands, Singapore and Saudi Arabia
Naval decoy deployment
Chemring CountermeasuresLocation: Salisbury, Wiltshire, UK
Number of employees: 425
Typhoon flare
Centurion launcher
Countermeasures
51
Chemring AustraliaLocation: Lara, Victoria, Australia
Number of employees: 81
Chemring Australia manufactures flares and pyrotechnics, and distributes other
Group products for the Australian market
– $36 million investment in a state of the art automated countermeasures facility to
manufacture KC-38 and CM-118 flares.
– Ten-year supply agreement underpinning on-shore manufacturing capability
– Recently awarded a contract to become a qualified supplier of MJU-66/B flares for the
F35 Joint Strike Fighter for US and global market
– Manufactures a small range of military pyrotechnics and marine pyrotechnics
– Provides route to Australian market for other Group products
– Establishing electronic systems development and support capability
– Principal customer is Australia’s Department of Defence
F-18
P-3 Orion
ASCEND military smoke grenade
Marine hand-smoke
Countermeasures
52
Alloy SurfacesLocation: Chester Township, Pennsylvania, USA
Number of employees: 150
HMDS
Infra-red view of BOL-IR
M211 Helicopter decoy
IR illumination device
SMD cloud in mixed
decoy “cocktail”
- Alloy Surfaces manufactures Special Material Decoys (SMDs)
- SMDs eject a cloud of patented pyrophoric metal “leaves” which heat up on
contact with air to create an infra-red (IR) area decoy
- SMD’s and new variants have spectral, kinematic and area decoy characteristics
likely to future-proof the technology against most foreseen IR threats
- BOL-IR deploys cassettes of Special Materials as a pre-emptive IR decoy
preventing guided missiles from locking-on to the aircraft before they are
launched
- Alloy Surfaces also offers SMD material as a covert hand thrown infra-red
signalling device for soldiers on the ground
- Customers are US Navy, Marine Corps Army and Air Force, with significant
exports to UK and Australia
Countermeasures
53
Kilgore FlaresLocation: Toone, Tennessee, USA
Number of employees: 311
F-35
Marine location
marker deployment
F-22
Kilgore Flares is a high volume manufacturer of traditional magnesium flares,
with a sole source position on US next generation fighters
– Products dominated by traditional high volume MTV flares, with growth from
advanced flares for new platforms (F-22 and F-35)
– Manufactures the standard US flares:
- M206 - a 1”x1” square flare for helicopters and the C-130
- MJU-7 – a 2” x 1 “ rectangular flare for the F-16
- MJU-10 – a 2.52 x 1” rectangular flare for the F-15
– New products include M212 spectral flare for helicopters
– Kilgore also manufactures air dropped marine location markers and flares
– Customers are US Navy, Marine Corps Army and Air Force, with significant
exports to UK and Australia
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Chemring Sensors & Electronic Systems
(CSES) – IED DetectionLocation: Sterling, Virginia, USA and Trondheim, Norway
Number of employees: 60
Sensors
Handheld GPR/MD
CSES (Dulles & Norway) designs and develops the Husky Mounted Detection
System (HMDS) GPR payload, and now includes 3d-Radar’s civil and military
products
- World lead in vehicle-based mine and IED detection based on Ground
Penetrating Radar sensor and advanced algorithm technology
- Current GPR and Handheld customers dominated by the US Army, but exports
now include Canada, Australia, Spain, Poland, Turkey, Saudi Arabia, Jordan,
Egypt and Italy
- HMDS Achieved US Army Program of Record classification in 2017. Solidly
positioned for future sustainment, plus phased technology insertion plans for
next generation Ground Penetrating Radar (GPR), Wire Detection (WD) and
other Counter IED sensors
- 3d-Radar acquired in 2014 to add commercial and foreign military GPR
- 3d-Radar customer base includes UK MoD, US Government FMS as well as
commercial construction, geology, archaeology and rail inspection operations
HMDS
HMDS with 3D-Radar
3d-Radar Commercial
GPR Large Vehicle-Mounted
55
Chemring Sensors & Electronic Systems
(CSES) – Chem/Bio Detection
Location: Charlotte, North Carolina, USA
Number of employees: 72
Sensors
CSES (Charlotte) designs and manufactures hand-held and platform
integrated Chemical and Biological detection systems
– Acquired in 2011 to add chemical/biological detection to complete the Force
Protection detection portfolio
– Provides the two main sensors for the US Stryker NBC Reconnaissance
Vehicle: JBPDS (point biological) and JSLSCAD (standoff chemical)
– Hand-held products developed for military, security and non-military
applications: JUNO® (chemical vapors) and PGR-1064 (chemical liquids/solids)
– Prime contractor on the JBTDS (tactical biological) program – currently in
development and qualification testing
– Active on three variants of NGCD (Next Generation Chemical Detector)
program, having completed TMRR (Technology Maturation and Risk Reduction)
phases in 2017; Competing for EMD/Production contracts in 2018
– Main customer is US JPEO-CBD
JUNO®
JBPDS
PGR-1064
NGCD1
JBTDS
JSLSCAD
Roke
Location: Hampshire and Gloucestershire, UK
Number of employees: 390
Sensors
A leading UK advanced technology, engineering and advisory services
business.
• We aim to ENABLE our clients to deliver competitive advantage, DEFEAT their
adversaries and to DEFEND their people, assets and secrets.
• We provide advisory services, research, engineering and design in cyber, data
analytics, connectivity and automation.
• We work at the heart of our clients’ missions, enabling them to harness the latest
technology through the sharing of knowledge, ideas and generation of thought
leadership.
• We have a mixture of scientists, engineers and consultants to develop
engineering solutions to some of the world’s most difficult technology problems.
• High margin business with scope to expand into commercial applications,
including cyber operations and space.
Customers; UK Government, defence industry, manufacturing and infrastructure
Autoland
Sensors for soldiers
Cyber security
Maritime autonomy
57
Chemring Technology Solutions
Location: Romsey and Poole, UK
Number of employees: 78
Sensors
Chemring Technology Solutions is the Group’s centre of excellence in land electronic
warfare, with a complementary portfolio in IED detection and neutralisation systems,
including vehicle-mounted and hand-held sensors, disruptors and initiation systems.
– Core portfolios are Resolve (man-portable EW), Locate (strategic Signals Intelligence),
Initiation Devices and IED Detectors and Disruptors
– New opportunities include: Smartlink deployable 3-G mobile base station; Smartswitch
mobile phone policy-on-the-device; Perception cyber-security protection; subsystems for
UAVs and non-defence Protection opportunities
– Trusted by armed forces, governments and commercial customers worldwide their
understanding of operational requirements allows them to deliver products able to meet
today’s asymmetric threat environments. Their products are relied upon by the best
equipped armed forces in the world, including the UK MOD and NATO allies.
– Customers are in 47 countries and include military and commercial organisations and
primes including Ultra, Lockheed Martin and Cobham
Resolve portable EW
Locate SIGINT
Smartlink deployable
base-station
LoRIS remote initiation
58
Chemring Energetic Devices
(Downers Grove)
Location: Downers Grove, Illinois, USA
Number of employees: 199
Energetics
Atlas rocket & boosters
JCAST
JASSM Lug
Retraction
Device
Aircraft ACES II Egress
components
Chemring Energetic Devices (Downers Grove) manufactures missile &
ammunition components and space thrusters and test equipment
– Scot acquired in 2008 to bring US footprint for ejection seat and missile
components complementing CEUK and adding new space market
– Manufactures pyrotechnic components for missiles, space launcher and aircrew
egress – also test equipment for aircrew life-support systems
– Customers are USAF, USN, Boeing, and FMS countries for aircraft DCA/PAD
egress safety; Raytheon and Lockheed Martin (Lug Retraction) for missile
components; NASA, Northrop Grumman and ULA for space thrusters, explosive
bolts and pyro-valves
59
Chemring Energetic Devices
(Torrance)
Location: Torrance, California, USA
Number of employees: 213 (total including Downers Grove)
Energetics
PAC-3 Missile
Explosive Bolts
Satellite separation nuts
Safe/arm device
Chemring Energetic Devices (Torrance) manufactures space initiators and
separation components and Safe / Arm system for the PAC-3 missile
– Hi-Shear acquired in 2009 to build clear lead in US space market with Scot, as
well as adding advanced missile safe / arm technology
– PAC-3 Electronic Safe/Arm Fuze is the largest single product line
– High margin business with scope to use Chemring European presence to expand
sales into lucrative European satellite market
– Sole-source for NASA Standard Initiator, and lead supplier of low shock satellite
separation devices
– Customers are Lockheed Martin (PAC-3 and space) Boeing, Harris and ULA
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Chemring Energetics UK
Location: Ardeer, Ayshire, UK
Number of employees: 295
Energetics
CEUK manufactures propellants, rocket motors, explosives and
pyromechanisms for aircraft, missile and demolitions
- Nobel acquired in 2005, Leafield in 2006
- Strong position in aircrew egress through supply of propellants, cartridges and
rocket motors to Martin-Baker
- Supply of missile components and sub-systems including rocket motors for the
UK’s Next Generation Light Anti-tank Weapon (NLAW) and 2.75” rockets
- UK MoD partnering agreement for high explosives and modern demolition stores
– Detonators, Bangalore Torpedo, Sabrex, and in future sheet and block
explosives
- Metron actuators are a growing non-defence business
- Customers are UK MoD, Martin-Baker, Saab, Thales and BAES
Ejection
Seat
NLAW Shoulder-launched
missile
Sabrex cutting
charges
Metron range of
actuators
61
Chemring Nobel
Location: Saétre, Norway
Number of employees: 116
Energetics
Chemring Nobel synthesises powdered base explosives for high performance
military and civil applications
– Acquired in 2007 to provide internal supply of HMX and RDX-based compositions
– Leader in high performance compositions for pressable, cast cure and melt pour
explosive manufacture
– Supplies high-quality materials with controlled powder morphology to optimise
performance with insensitivity
– Customers in the defence market are Nexter, ATK, Aerojet, Nammo, Diehl and
Rheinmetall Italy; in the commercial market Schlumberger and Dyno Nobel
High Explosive
Compositions
62
Chemring Defence UK
Location: Draycott, Derbyshire, UK
Number of employees: 141
Energetics – Military Pyrotechnics
Chemring manufactures pyrotechnic products, payloads and mine-breaching
systems for military and security users
– Mature market with very little product innovation
– Military products are flares, smokes, trip-flares, signalling cartridges and training
products
– Security products include CS grenades and cartridges and stun grenades
– Day/night distress signal for both military and non-military users
– Customers are UK MOD, Europe and Middle Eastern users
Conventional &
Compact Smoke
Vehicle Launched
Grenades
Day/night distress
smoke & flare
CS products
63
Chemring Ordnance
Location: Perry, Florida, USA
Number of employees: 300
Energetics – Military Pyrotechnics
Chemring Ordnance manufactures pyrotechnic training grenade fuzes, 40mm
ammunition and a mine-breaching system (APOBS)
– MEI acquired in 2008 to add US footprint to complement Chemring Defence in
signals, illumination & training, and to bring a range of 40mm grenade
ammunition and pyrotechnics: also includes Titan Dynamics’ training products,
and Mecar Inc.’s trading business
– Main current product is APOBS
– 40mm products and M228 practice grenade fuze will recover in future
– Significant business procuring non-NATO ammunition for US government
– Main customer is the US DoD
APOBS mine-field
breaching system
40mm grenade
40mm product range
Glossary
64
APOBS Anti-Personnel Obstacle Breaching System
CED Chemring Energetic Devices
CHG Chemring Group
EMD Engineering and Manufacturing Development
F-35 F-35 Joint Strike Fighter
FMS Foreign Military Sales
HMDS Husky Mounted Detection System
IDIQ Indefinite Delivery Indefinite Quantity
IED Improvised Explosive Device
JBTDS Joint Biological Tactical Detection System
LRIP Low Rate Initial ProductionMTV Magnesium Teflon Viton
NASA National Aeronautics Space Administration
NGCD Next Generation Chemical Detector
NSA Non Standard Ammunition
RN Royal Navy
SMD Special Material Decoy
SSA Special Security Agreement
US DoD United States Department of Defense
USG United States Government
3d-R 3d Radar
Disclaimer
2017 Chemring Group PLC
The information in this document is the property of Chemring Group PLC and may not be copied or communicated to a third party or used for any purpose other than that for which it is supplied without the express written consent of Chemring Group PLC.
This information is given in good faith based upon the latest information available to ChemringGroup PLC, no warranty or representation is given concerning such information (express or implied), nor is any responsibility or liability of any kind accepted, by Chemring Group PLC with respect to the completeness or accuracy of the content of or omissions from this presentation, and the contents of which must not be taken as establishing any contractual or other commitment binding upon Chemring Group PLC or any of its subsidiary or associated companies.
Chemring Group PLC is under no obligation to revise, update, modify or amend the information in this document or to otherwise notify a third party recipient if any information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate regardless of whether those statements are affected as a result of new information, future events or otherwise.
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