Saab Secures $159 Million Deal to Upgrade Germany's Taurus Missiles

Swedish defense giant Saab has secured a $159 million contract to modernize and maintain Germany's Taurus KEPD 350 cruise missiles over a decade. This enhancement project, finalized through Taurus Systems, is set to bolster Germany's air defense capabilities and reflect Europe's growing military investment trend.

Sweden's renowned defense company Saab has announced a significant $159 million contract with Germany aimed at modernizing and maintaining the country's Taurus KEPD 350 cruise missiles. This decade-long project, set to conclude in 2035, will involve substantial upgrades and maintenance to ensure the missiles remain at the forefront of military technology.

The order has been placed by Taurus Systems, a joint venture that originally provided these missiles to Germany. The collaboration involves Saab and German missile systems firm MBDA Germany, and promises to significantly enhance the operational capabilities of the German Air Force's missile arsenal.

Amidst this news, Saab's stocks soared, peaking at a record high, reflecting investor confidence. This deal comes at a time when European defense stocks are generally on the rise, fueled by the anticipation of increased military spending across the region, following recent commitments by EU leadership.

(With inputs from agencies.)