Germany's Rheinmetall and Italy's Leonardo launch joint tank company [Yahoo! Finance]
RHEINMETALL AG UNSP/ADR (RNMBY)
NASDAQ:AMEX Investor Relations:
rheinmetall.com/en/rheinmetall_ag/corporate_social_responsibility/stakeholder_2/investoren_2/index.php
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Source: Yahoo! Finance
Each partner will hold 50% ownership in the new Rome-based company, which the firms expect to receive regulatory approval by 2025. An initial major order from the Italian military is worth more than €20 billion ($2.2 billion), according to the firms. The new tank manufacturer's headquarters will be in Rome, and the operational centre will be in the northern Italian port city of La Spezia, where Leonardo already has a plant. A total of 60% of the new company's work will be in Italy, with the focus primarily on building combat tanks and infantry fighting vehicles for the armies of countries across Europe and around the world. Initial products from the company will be based on Rheinmetall's Panther main battle tank and Lynx infantry fighting vehicle. The project was initially made public back in July when the two companies signed a letter of intent. "We are creating a new heavyweight in European tank construction," said Rheinmetall chief executive Armin Papperger. The comp
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