STOCKHOLM (AP) — Many Western arms companies failed to ramp up production in 2022 despite a strong increase in demand for weapons and military equipment, a watchdog group said Monday, adding that labor shortages, soaring costs and supply chain disruptions had been exacerbated by Russia’s invasion of Ukraine.
“Many arms companies faced obstacles in adjusting to production for high-intensity warfare,” said Lucie Béraud-Sudreau, director of the independent institute's Military Expenditure and Arms Production Program.
SIPRI said the revenues of the 42 U.S. companies on the list — accounting for 51% of total arms sales — fell by 7.9% to $302 billion in 2022.
Of those, 32 recorded a fall in year-on-year arms revenue, most of them citing ongoing supply chain issues and labor shortages stemming from the COVID-19 pandemic.
”However, despite the year-on-year drop, the total Top 100 arms revenue was still 14% higher in 2022 than in 2015 — the first year for which SIPRI included Chinese companies in its ranking.
Persons:
”, Lucie Béraud, SIPRI, Nan Tian, Lockheed Martin, ” SIPRI, Sudreau
Organizations:
STOCKHOLM, Stockholm International Peace Research Institute, Lockheed, Raytheon Technologies, ” Companies
Locations:
Ukraine, Stockholm, U.S, Asia, Israel, South Korea