Engine maker Renk opens shop in Italy ahead of armor spending frenzy [Yahoo! Finance]
RHEINMETALL AG UNSP/ADR (RNMBY)
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Source: Yahoo! Finance
after defense giants Rheinmetall and Leonardo said they would be build tanks and infantry fighting vehicles for the Italian army in the city. The move will put Renk in “a strategically important region,” close to “Italian customers and partners,” said the firm, which already makes gearboxes for Rheinmetall in Germany. Opening for business in La Spezia, which is the historical home to Leonardo's tank building operation, suggests the firm is aiming for a slice of the Italian army's massive €23 billion ($25 billion) order for vehicles. “With our local presence, we are moving closer to Italy's technological and industrial base – one of the pillars of European defense. Thus, Renk is ideally positioned to meet existing and future requirements of Italian customers and partners,” says Susanne Wiegand, CEO of Renk Group AG. Last week, Leonardo and Rheinmetall announced the creation of a joint venture with an operational base at La Spezia which would build 1,050 new infantry fighting ve
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