United to win: French defense company to supply Ukraine with weapons for €36 mln

The French company Verney-Carron, a subsidiary of Cybergun, has entered into a contract with "Ukrspecexport" to provide various weapons to Ukraine for a record amount of 36 million euros.

This is stated in the Cybergun press release.

As noted, the contract provides for the supply of 10,000 assault rifles, 2,000 sniper rifles, and 400 grenade launchers to Ukraine.

"The agreement demonstrates the further strengthening of bilateral relations between France and Ukraine in the field of defense cooperation and the ability of the French defense industry to contribute to this cooperation," the press release states.

The first deliveries are scheduled for the beginning of 2024. Serial deliveries are scheduled to begin six months after the signing of the framework contract, provided that Verney-Carron receives the necessary permits for import-export between France and Ukraine in the field of arms.

The process will last ten months, allowing Verney-Carron to adapt its production capacity to the required volumes.

Cybergun shares rose 76% in early trading on the back of the contract with Ukraine, bringing the company's market capitalization to about 4 million euros.