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VEEM Limited (ASX: VEE), a Perth-based defence manufacturer, is accelerating its growth following an AU$14 million capital raising aimed at strengthening its balance sheet and funding defence projects. The company has secured a nine-year manufacturing licence with Northrop Grumman, valued initially at up to US$33 million, and achieved Level 1 accreditation with Huntington Ingalls Shipbuilding. These milestones position VEEM within the supply chains of two of the largest US defence contractors.
Recent contracts include an AU$65 million, six-year agreement with ASC for submarine maintenance and an AU$1.7 million program with BAE Systems for Hunter Class Frigate demonstrator blades. VEEM is also engaged in supplying propellers, castings, and stabilisation systems for various naval and commercial projects. With 50 years of engineering experience and Australia’s largest non-ferrous foundry, VEEM is leveraging its precision casting and propulsion expertise to capitalise on rising global defence demand.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
