Sweden’s Saab and Norway’s Kongsberg posted record sales growth in 2024, driven by increased European defense spending amid heightened security concerns following Russia’s invasion of Ukraine. Saab’s orders rose 24% to 96.8 billion kronor ($8.9 billion), fueled by Gripen fighter jet deals and air defense contracts. Kongsberg reported a 44% jump to 54.4 billion kroner ($4.85 billion), boosted by a major U.S. Navy missile order. With European defense budgets projected to reach a record €326 billion in 2024, both companies anticipate continued expansion. Saab and Kongsberg are focusing on securing NATO contracts and expanding global production capabilities to meet growing demand.
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