Renk AG not only increased production, but also expanded the production of its products.
Renk AG, which makes parts for the German Leopard 2 and French Leclerc tanks, has expanded its staff and increased production. Its management expects that Germany’s commitment to increase defense spending will boost sales in the coming years, Bloomberg reported on Friday, March 10.
The company has already increased its workforce by 13% by 2022 in anticipation of a special government fund of 100 billion euros for the modernization of the armed forces.
The company expects German military purchases, which typically account for about 10% of Renk’s defense sales, to make up the bulk of that business going forward.
Note, according to media reports, the owner of Renk Triton Investment Advisers LLP is examining the possibility of a sale or initial public offering of the business, the value of which could be up to 3 billion euros.
Renk’s market value was around 750 million euros when the private equity firm bought it from Volkswagen AG in 2020.
Recall that Germany turned to Switzerland with a request to sell Leopard 2 tanks to the German concern Rheinmetall, which produced them, to replace the equipment previously transferred to Ukraine.
In addition, it was previously reported that Germany has increased the number of Leopard 2 tanks to 18, which it plans to send to Ukraine.
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I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.