RUAG International has concluded an agreement on the sale of its Ammotec business unit to the Beretta Holding, RUAG writes in a press release. As envisaged by the Swiss Federal Council, the Ammotec division will be divested – with site assurance for Thun and transfer of all employees. The closing of the transaction is subject to regulatory approvals. The parties have agreed not to disclose any financial terms.
As envisaged by the Swiss Federal Council in its divestment strategy, RUAG International’s small-calibre ammunition business will be sold. The decision was made in favour of the Beretta Holding, taking into account all conditions made by the Swiss Federal Council. The Beretta Holding will take over all 2,700 employees at all production and sales sites. The Beretta Holding has committed itself to maintaining the Thun site with around 400 jobs for at least five years.