Rheinmetall is one of the European arms suppliers whose orders have increased since Russia invaded Ukraine.
Sales of German arms concern Rheinmetall rose by more than a third to $2.6 billion. Bloomberg reported this.
Rheinmetall AG’s profit rose in the third quarter as increased military spending in Europe led to increased orders for armored vehicles, ammunition and air defense systems.
Rheinmetall is known as one of the European arms suppliers whose orders have increased since Russia invaded Ukraine and the US questioned its NATO commitments. In the third quarter, the company’s order book jumped 41% to 51.9 billion euros.
NATO Secretary General Mark Rutte said that the company is part of two joint ventures in Ukraine – a center for the production and repair of tanks, as well as an ammunition production plant that is about to be completed.
The shares of Rheinmetall and other European defense companies reportedly increased following the victory of Donald Trump in the US presidential election.
Let us remind you that the first plant of the German defense concern Rheinmetall has started work in Ukraine. They plan to launch a second one soon. There should be four such plants in total.
It was also reported that the German defense concern Rheinmetall and the Italian company Leonardo agreed to create a joint venture to produce military equipment, estimating its potential orders at 50 billion euros.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.