Investing.com -- Shares of German defense company Hensoldt surged 10% following the announcement of a contract extension for the Eurofighter Mk1 radar, a deal valued at approximately 350 million euros ($366.4 million).
The contract extension, approved by the German and Spanish ministries of defense, is set to enhance the capabilities of Eurofighter jets produced by Airbus for the respective countries' air forces.
Hensoldt, in collaboration with Spanish defense and technology firm Indra Sistemas (BME:IDR), is part of the consortium responsible for developing the radar system.
According to Hensoldt's announcement, the company is tasked with revising the current radar system and initiating the development of its second iteration.
The commencement of flight testing for the updated radar is scheduled for the end of this year, with the expectation of equipping German Eurofighter jets by 2027.
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