Saab Shares Rise After Spy Plane Deal Secured With Swedish Government

Investing.com

Thu, Jun 30, 2022, 5:09 AM1 min read

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By Scott Kanowsky

Investing.com -- Stockholm-listed shares in Saab AB (ST:SAABb) rose by more than 3% on Thursday, after the defense manufacturer said it had secured a multi-year contract with the Swedish government to supply two of its GlobalEye spy planes.

Saab announced that the value of the deal is worth about SEK 7.3 billion, with deliveries of the aircraft set for 2027.

“GlobalEye will provide Sweden with world-class airborne early warning and control capability," said Saab CEO Micael Johansson in a statement.

The order also includes the option for the Swedish government to purchase up to two additional GlobalEye planes.

Stockholm becomes the latest country to buy the system, which Saab says features "sophisticated radar technology" that combines air, maritime, and ground surveillance capabilities in a single platform. Last year, the United Arab Emirates renewed an order for GlobalEye planes, extending an original 2015 purchase.

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Saab Shares Rise After Spy Plane Deal Secured With Swedish Government

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