RUAG International has agreed to sell its small-caliber ammunition business RUAG Ammotec to Beretta Holding. Beretta Holding will take over all 2,700 employees at all production and sales sites.

For RUAG International, the sales agreement once again confirms its strategy of evolving from a state-owned enterprise into an agile technology provider with a focus on space, the company says.

"We are taking the next step to withdraw from the defense-related business completely. We are pleased to have found a renowned industrial partner for Ammotec in Beretta, who will take over all employees and the Thun site. With its industry experience and global presence, Beretta offers the best conditions to sustainably grow Ammotec's business activities for the benefit of custom-ers and employees," says André Wall, CEO of RUAG International.

RUAG Ammotec is a leading European supplier of small-caliber ammunition.

Pietro Gussalli Beretta, president and CEO of Beretta Holding, says there is an excellent cultural and strategic fit between his company and RUAG Ammotec.

"We have the firearms and the optics, RUAG Ammotec high quality ammunition, there is almost no overlap. This is a special moment in the history of our group. We welcome RUAG Ammotec's employees and we want to grow together," Gussalli says.

With the acquisition, the Beretta Holding Group will grow to more than 6,000 employees with more than 50 subsidiaries worldwide.