Rheinmetall has yet to decide on whether to proceed with an acquisition of German Naval Yards Kiel (GNYK) after rival bidder Thyssenkrupp Marine Systems (TKMS) withdrew from the process, Chief Executive Armin Papperger said on Wednesday.
Rheinmetall and partner MBDA have signed a contract worth a mid three-digit million-euro amount with Germany's military equipment agency to develop a laser weapon system for the navy, the German defence company said in a statement on Thursday.
A number of major defense companies, including Rheinmetall and Lockheed Martin have announced billions of dollars worth of backlogs
Rheinmetall has halted plans to add 1,000 jobs to its naval shipbuilding division after Germany scrapped the F126 frigate programme last month, a spokesperson for the German defence company said on Tuesday.
U.S. defence company Lockheed Martin and Germany's Rheinmetall signed a memorandum of understanding on Tuesday to jointly produce ATACMS missiles in Germany, a move that would mark the first manufacture of the short-range ballistic missile outside the United States.
The next generation of defense winners could increasingly resemble software and AI companies instead of conventional arms manufacturers Recent weakness in European defense stocks reflects both a rotation into AI stocks and more selective investors, according to market watchers.
Rheinmetall AG (RHM) shares are slipping on Wednesday – heading toward one of their sharpest single-day declines ever – due to a major blow to the company's naval defense pipeline. On Jun. 24, the German Defense Ministry said it is cancelling the “multi-billion-euro” F126 frigate program, which was slated to be the largest naval procurement project for the German Navy since World War II.