Sweden's Saab (SAABb.ST), opens new tab said on Monday it had won a 1.7 billion crown ($159 million) order from Germany to modernise and maintain the country's Taurus KEPD 350 cruise missiles for ten years until 2035.
"The order includes significant system upgrades and modernisation to the German Air Force’s Taurus missiles as well as a ten-year life cycle maintenance," the defence and aviation company said.
Cruise missiles are hard to detect by air defence radars as they fly at low altitudes.
Saab received the maintenance order from Taurus Systems, which sold the missiles originally to Germany more than 20 years ago, a spokesperson from Saab told Reuters.
Taurus Systems is a joint venture of Saab and German missile systems company MBDA Germany.
Shares in Saab were up 11.3% in afternoon trading after having earlier jumped as much as 14% to a record high on Stockholm's stock exchange.
Other European defence stocks also advanced on Monday on expectations the region will step up military spending after a weekend summit of EU leaders, extending this year's stunning rally.
Source: www.reuters.com