By Cristina Gallardo
German defense group Hensoldt jumped after the sensor-solutions provider won a contract extension for the Eurofighter Mk1 radar, worth about 350 million euros ($366.4 million).
Shares advanced 10.7% in early-afternoon trade Friday after Hensoldt said the German and Spanish ministries of defence approved the contract extension for the radar, which is expected to boost the capabilities of Eurofighter jets being produced by Airbus for the countries' air forces.
The radar has been developed by a consortium bringing together Hensoldt and Spanish defense and technology company Indra Sistemas.
Hensoldt will now revise the radar system and start developing a second iteration, it said.
Flight testing of the revised radar will begin at the end of this year, with installation on German Eurofighter jets slated for 2027, the company added.
Shares in Hensoldt trade at 40.28 euros. The stock has increased 16.75% year-to-date.
Write to Cristina Gallardo at cristina.gallardo@wsj.com
(END) Dow Jones Newswires
February 14, 2025 07:23 ET (12:23 GMT)
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