Czech-based ammunition and arms producer CSG (CSG.AS) has bought the Gnaschwitz industrial site in the German state of Saxony and plans to invest more than €100 million ($115 million) in its initial development phase, it said on Tuesday.
The site is intended for the production of nitroglycerin and nitroglycerin-based products, while also developing ammunition and ammunition component manufacturing.
"The European defence industry needs not only greater ammunition production capacity, but also reliable supplies of strategic energetic materials without which ammunition cannot be manufactured," CSG Defence Systems CEO Jan Marinov said in a statement.
($1 = 0.8692 euros)
