Iveco to get a piece of Italy's massive combat vehicles, tanks program [Yahoo! Finance]
RHEINMETALL AG UNSP/ADR (RNMBY)
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Source: Yahoo! Finance
After signing a preliminary agreement with Leonardo, Iveco said its defense arm IDV would be in line for between 12% and 15% of the development and production work on the deal, which has been valued at €23 billion, or $24 billion. In a statement Iveco said it would be looking to offer its capabilities in “advanced propulsion and drivetrain systems to highly specialized protection technologies.” Leonardo and Rheinmetall said last month they were forming a 50-50 joint venture to build 1,050 new infantry fighting vehicles for the Italian army based on the Rheinmetall Lynx with the first vehicle delivered in two years. Rheinmetall's under-development Panther KF51 will be the basis of a new main battle tank to replace Italy's Ariete tanks, with 132 to be supplied and the first tank to be delivered in two and a half to three years. Leonardo has said it will be responsible for mission systems, electronics suites and weapons on the vehicles. The Leonardo-Rheinmetall tie-up was hatc
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