Beretta, an Italian industrial group which holds direct or indirect participation in 26 companies, completed the acquisition of Ammotec, the small-caliber ammunition of RUAG, a Swiss company specialising in aerospace engineering and the defence industry, for $431m. "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 customers and employees," André Wall, RUAG CEO.