Fosstech with all-time high order book!
Energy Valley member Fosstech has signed a strategic partnership contract with Kongsberg Defense & Aerospace, making the total order book an all-time high of 100MNOK.
Borgeskogen 25. October: Fosstech, a leading company within mechatronics, cables/connectors, and encapsulation of electronics for harsh environments won the prestigious Maritime defense contract with Kongsberg Defence & Aerospace (KDA), in strong competition with 15 leading technology companies in Norway.
This makes them qualified for delivering parts to Kongsberg Defense & Aerospace. The contract is the biggest in the company’s 25-year history, making the total order book an all-time high of NOK 100 million.
“We have chosen Fosstech as a strategic supplier for our maritime programs, we hope that this is not just a one-off benefit, but something that will last over time. It is incredibly exciting to sign this contract today with Fosstech” says Kyrre Lohne, VP Strategic Business Development at KDA.
25 years: Fosstech is celebrating their 25th jubilee this year. Photo: Linea Bancel.
Venturing into defense equipment
“We have had a strategy to increase the defense part of Fosstech, and the cooperation we now have with Kongsberg Defense & Aerospace will facilitate this.” Says CEO of Fosstech Steven Foss.
Fosstech is a Member of the Norwegian Defence Organisation, FSi, and has both developed and manufactured Complex Acoustic Transducers and equipment for the Naval Industry and NATO-Countries.
Fosstech is also working closely with the Defense Research Institute of Norway, FFI, to develop new and efficient equipment.
Creating attractive workplaces
Fosstech won the contract for their high competence having both engineering and production, under the same roof. The result of this contract will mean more value creation at Borgeskogen in Sandefjord, where they are located, and in the region.
This includes more jobs, and as CEO Steven Foss puts it “We need to create attractive workplaces to bring the young smart people back to Sandefjord and Tønsberg.”
“There is no doubt that this will add value to the entire region. It will have major ripple effects both on more employment and higher turnover” says Major of Tønsberg Municipality Anne Rygh Pedersen.