Sweden’s defence and aviation company Saab has secured a 1.7 billion crown (approximately $159 million) contract from Germany to modernise and maintain the Taurus KEPD 350 cruise missiles for a ten-year period extending to 2035.
The contract, awarded by Taurus Systems—a joint venture between Saab and German missile systems firm MBDA Germany—calls for significant system upgrades and modernisation of the German Air Force’s TAURUS missiles, as well as comprehensive life cycle maintenance over the decade-long term.
Cruise missiles, which are noted for their low-altitude flight paths that help them evade detection by air defence radars, form a crucial component of Germany’s defence capabilities. The upgrade and maintenance programme is expected to ensure the operational readiness and technological relevance of the missile fleet well into the future.
Following the announcement, Saab’s shares experienced a notable surge, rising 10.8% in midday trading on the Stockholm stock exchange, after an earlier jump of up to 14% had pushed the stock to a record high. The strong market reaction comes as other European defence stocks also advanced amid growing expectations of increased military spending in the region following a recent summit of EU leaders.
The award underscores the continuing collaboration between Swedish and German defence industries and highlights ongoing investments in modernising military hardware to meet emerging security challenges.
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Franco-German defence group KNDS unveiled a new battle tank on Monday designed to replace France's ageing Leclerc fleet, as delays continue to hamper the two countries' joint next-generation tank programme.
Curaçao celebrate first World Cup goal despite heavy defeat against Germany, Sweden move to top of Group F with five-goal display and Japan fight back twice to hold Netherlands.
U.S. and Iranian officials said on Sunday they have agreed on a deal to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, possibly leading to lower energy prices once oil shipments resume through the critical waterway.
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Russian President Vladimir Putin has welcomed the recent agreement between the U.S. and Iran, saying it could help stabilise the Middle East and ease pressure on global energy and food markets.
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