Explosion forges the new Eurenco.

Saab of Sweden and Patria of Finland, the two holding partners of Nexplo Industries, signed an agreement to merge their propellant and explosives operations with SNPE SME and Groupe SNPE of France to form a new company called Eurenco, the European Energetics Corporation. Ownership of Eurenco will fall with 60.2 per cent held by SNPE and a 19.9 per cent share for both Patria and Saab. Eurenco is scheduled to be operational by the beginning of 2004, after it receives start-up permission from the relevant authorities. The company will be given the breath of life with a starting turnover of more than 100 million Euros and an 850 employee-strong workforce. Eurenco is to be based in Paris with subsidiaries in Belgium, Finland, France and Sweden.