EU Grants Rheinmetall Over 130 Million Euros for Ammunition Production Expansion

World » EU | March 27, 2024, Wednesday // 15:56
Bulgaria: EU Grants Rheinmetall Over 130 Million Euros for Ammunition Production Expansion

German arms manufacturer Rheinmetall has secured a substantial financial boost from the European Union, receiving over 130 million euros to enhance its ammunition production capabilities. The funding is earmarked for the production of 155 mm ammunition and gunpowder, with projects set to take place in Germany, Hungary, Romania, and Spain.

Rheinmetall CEO Armin Papperger expressed the company's commitment to meeting the growing demand for artillery shells among European armed forces. He emphasized the importance of replenishing stocks to ensure military readiness and underscored Rheinmetall's role in addressing this need.

The investment comes at a time when Rheinmetall is also eyeing expansion in Ukraine, with plans to invest in multiple plants within the country. This move signifies the company's strategic approach to leveraging opportunities for growth and reinforcing its presence in key global markets.

The EU's decision to allocate significant funding to Rheinmetall reflects the importance of bolstering defense capabilities within Europe and supporting domestic arms manufacturers. As geopolitical tensions persist, the focus on ammunition production highlights the imperative of maintaining military preparedness and security.

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Tags: Rheinmetall, ammunition, European Union, investment

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