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Veem Ltd ( (AU:VEE) ) has issued an announcement.
VEEM Limited has successfully completed a $14 million placement to accelerate its growth in the defense sector. The funds will be used to strengthen working capital and balance sheet, as well as to capitalize on increasing defense expenditure. VEEM has signed a 9-year Manufacturing Licence Agreement with Northrop Grumman, valued initially at up to US$33 million, allowing it to supply parts for the Virginia Class submarine program. Additionally, VEEM has achieved Level 1 accreditation with Huntington Ingalls Incorporated, positioning itself as a key supplier in the U.S. defense industry. These developments enhance VEEM’s market positioning and offer significant opportunities for growth within the global defense sector.
The most recent analyst rating on (AU:VEE) stock is a Buy with a A$1.30 price target. To see the full list of analyst forecasts on Veem Ltd stock, see the AU:VEE Stock Forecast page.
More about Veem Ltd
VEEM Limited operates in the defense industry, focusing on manufacturing and supplying equipment for defense applications. The company is involved in the production of defense-grade castings and has established partnerships with major U.S. defense contractors, such as Northrop Grumman and Huntington Ingalls Incorporated, to integrate into the U.S. defense supply chain.
Average Trading Volume: 199,581
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$205.3M
Learn more about VEE stock on TipRanks’ Stock Analysis page.