NEW CEO APPOINTED IN THE NAMMO GROUP

RAUFOSS, Norway, March 19, 2015 (GLOBE NEWSWIRE) -- Nammo's Board of Directors has appointed Morten Brandtzæg as new president and CEO, effective from August 26, 2015. He will replace Edgar Fossheim who retires after 15 years as CEO of Nammo.

"We have conducted a thorough search. We have evaluated several strong candidates, both inside and outside the company", says Chairman of the Board Heikki Allonen. "I am confident that the new appointed CEO is the best candidate based on his in depth knowledge of the company and his long experience in the business."

Morten Brandtzæg, who at present is the executive vice president in the Missile Products Division, joined the company in 2004. He started his career in the Nammo Group as chief financial officer and was appointed to his current position in 2009.

"I look forward to taking on this exciting challenge and together with the employees further grow the business of the Nammo Group and to strengthen its position in the market," says Morten Brandtzæg.

Brandtzæg holds a Business Degree in Economics from BI, the Norwegian Business School, and has served in various positions in the past within Finance, IT and Project Management before joining the Nammo Group.

Press contact:
Sissel Solum
Senior Vice President Communication
Nammo Group
Tel: +47 61 15 22 42
Email: sissel.solum@nammo.com

HUG#1904771

Source: Nammo AS