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Kitron wins contract for battery management systems
Kitron expands services with a major existing customer to cover production of battery management systems. The new award initially covers 2022 to 2025 and is valued at NOK 150 million. Production will take place at Kitron’s plant in Poland. The award also covers various services. “We’re extremely happy to expand this relationship with a new product line. Battery management systems are examples of the growth potential within the fundamental shift from fossil fuels to electrification. This is an area of strategic importance to Kitron and currently helping to fuel the strong growth we see within Electrification,” says Peter Nilsson, President and CEO, Kitron Group. Über die Kitron GmbH Kitron is a…
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Northrop Grumman awards F-35 development contract to Kitron
Kitron has been awarded a development contract to update a F-35 test program set (TPS) and provide a repair capability for Kitron and a United States Government (USG) Depot. The contract is for a three-year development program, with a total value of NOK 20 million. The development will be done at Kitron’s facility in Arendal, Norway. The TPS was designed and demonstrated by Kitron under a previous contract. The fully redesigned TPS will enable both Kitron and the USG Depot to detect and isolate faults in the L-Band Pre-Selector (LBPS) Line Replaceable Units (LRUs), which is a module within the F-35 aircraft’s Communication, Navigation and Identification (CNI) avionics suite, developed…
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Kitron: Resolution to pay dividend
The Board of Directors of Kitron has today resolved a dividend of NOK 0.50 per share. Kitron has historically paid annual dividends pursuant to resolutions by the annual general meeting. As a result of the corona pandemic during first half of 2020 and as a precautionary measure to safeguard the company’s financial position and liquidity, the Board of Directors did not propose a dividend for the annual general meeting. In order to maintain the option to evidence shareholder value by paying dividends, the annual general meeting granted an authorization to the Board of Directors to resolve dividends of up to NOK 90 million on the basis of the annual accounts.…
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MedAvail awards contract to Kitron’s US factory
MedAvail Technologies has chosen Kitron to produce automated medication dispensing equipment for pharmacies and hospitals. The contract has a potential value of USD 50 million over a three-year period, with an extension option. Production will take place at Kitron’s newly renovated facility in Windber, Pennsylvania, and is expected to commence in the first quarter of 2021. “We have awarded this important contract to Kitron after a thorough process. Among the deciding factors were Kitron’s broad experience with customers in the medical devices industry and its familiarity with the particular requirements this entails. We’re extremely pleased to enter into this production partnership,” said Ed Kilroy, CEO of MedAvail Technologies. MedAvail has…
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Kitron: Allocation of options
On 10 July 2020, the board of directors of Kitron ASA resolved to issue 1,400,000 options to senior management, whereof 150 000 options are re-allocated from Subprogram A (2019-2022) and 1,250,000 options are from Subprogram B (2020-2023). The options are issued in accordance with Kitron’s long term incentive program 2019-2022 and the board of directors‘ declaration on salaries and other remuneration to the senior executive management, as approved by Kitron annual general meeting held 23 April 2020. The share option program and properties of the options are described in note 19 and 28 in Kitron’s annual financial statements for 2019. The options are allocated to the management as follows: CEO and…
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Kitron: Q2 2020 – Record performance
Kitron today reported strong growth and record profit for the second quarter driven by Defense/Aerospace, Medical devices and Industry sectors. Kitron’s revenue for the second quarter was NOK 1 041 million, an increase of 21 per cent compared to last year. Growth adjusted for currency effects was 11 per cent. Profitability expressed as EBIT margin was 8.5 per cent in the second quarter, compared to 6.6 per cent in the same quarter last year. The order backlog ended at NOK 2 102 million, an increase of 45 per cent compared to last year. Peter Nilsson, Kitron’s CEO, comments: "This was a record quarter for Kitron in terms of revenue, profitability and order…
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Northrop Grumman Awards Contracts to Kitron
Northrop Grumman Corporation (NYSE: NOC) has awarded Kitron a contract for production of Integrated Communications, Navigation and Identification (ICNI) modules for the F-35 Lightning II program. Deliveries will secure a backlog into 2021 and have a total value of more than USD 18 million. Production will take place at Kitron’s plant in Norway. The sub-contract relates to the Long-Term Supply Agreements announced on 21 September 2015 and 24 November 2016 and covers Lot 12 through Lot 14. Northrop Grumman’s ICNI system provides F-35 pilots with more than 27 fully-integrated operational functions. Using its industry-leading software-defined radio technology, Northrop Grumman’s design allows the simultaneous operation of multiple critical functions while greatly…
