The Swedish defence and security company Scandinavian Astor Group (SAG) has signed an agreement on the purchase of Latvia’s small-calibre ammunition company Ammunity, representatives of the latter firm told LETA.
SAG has acquired 100% of Ammunity shares, which was owned by Viktors Juris Ozols (51%), Juris Uzulis (30%), and Davis Vilis Ozols (19%).
Ammunity board member Beate Krauze-Cebotare told LETA that the sum of the acquisition will not be disclosed.
The Latvian Defence Ministry supported Ammunity in the search for an investor.
Krauze-Cebotare says that the partnership with SAG will allow Ammunity to expand its production line more rapidly, to invest in innovation, and to strengthen Latvia’s role in the European defence industry.
SAG CEO Mattias Hjorth, for his part, says that the new acquisition will allow his company to contribute more toward NATO’s deterrent forces.
“By producing ammunition in Northern Europe, we become a better and more diversified supplier which can provide more and more components for the growth of customer combat capabilities,” Hjorth argues.
Latvian Defence Minister Andris Spruds adds that the level of investment in Latvian defence companies serves as a testament to the industrial sector’s competitiveness and potential.
Spruds says that Ammunity’s strategic partnership with SAG will strengthen Latvia’s ability to ensure the ability of high-quality ammunition for national and allied needs.
The transaction will be finalised once all necessary clearances and approvals have been received from the relevant authorities, the company says.
Ammunity’s factory is in the Bauska Region, where it manufactures rifle ammunition for the country’s National Armed Forces.
According to Firmas.lv, Ammunity had revenues of EUR 9.33 million in 2024, which was an increase of 80.6% year-on-year, with a profit of EUR 1.399 million, as against a loss the year before. Ammunity was registered in 2014 with share capital of EUR 2,800.
Source: BNS
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