(RTTNews) - Saab AB (SAABF, SAABY, SAAB-B.ST), on Tuesday announced that it has signed a framework agreement with the Swedish Defence Materiel Administration for the Giraffe 1X compact radar system and has received an initial order under the agreement.
The company said the order is valued at approximately SEK 650 million, with deliveries to begin immediately.
The framework agreement covers the use of Giraffe 1X across different parts of the Swedish Armed Forces.
The first call-off order includes the Giraffe 1X in a Compact Radar Module configuration, enabling fast and easy installation on most platforms.
The company said the agreement will strengthen Sweden's ability to detect threats in the air and at sea, while allowing capacity to be increased quickly when required.
Giraffe 1X is a compact 3D radar system used for air defence, counter-unmanned aerial systems, site protection, and marine applications, and can be continuously upgraded through software to address evolving threats.
On Monday, Saab AB closed trading 2.42% higher at SEK 525.50 on the Stockholm Stock Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
