Chemring buys Simmel Difesa for 52 mln stg

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LONDON, March 30 | Fri Mar 30, 2007 3:35pm BST

LONDON, March 30 (Reuters) - Britain's Chemring Group Plc (CHG.L), the maker of anti-missile flares and ejector seats, said on Friday it had acquired Italian-based Simmel Difesa Spa for 77 million euros ($102.5 million) or 52 million pounds.

The purchase of Simmel, which supplies ammunition prime contractors around the world, will be satisfied by the issue of 373,551 new Chemring shares and cash of around 67 million euros or 45 million pounds.

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