Share Name Share Symbol Market Type Share ISIN Share Description
Bae Systems Plc LSE:BA. London Ordinary Share GB0002634946 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -6.40p -1.19% 533.40p 533.20p 533.60p 543.80p 532.80p 542.60p 365,623 09:29:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 16,821.0 1,224.0 31.3 17.0 17,089

Rheinmetall and BAE Systems Launch Military-Vehicle Joint Venture in UK

01/07/2019 12:02pm

Dow Jones News


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   By Kim Richters 
 

Germany's Rheinmetall AG (RHM.XE) said Monday that it has founded a joint venture with the U.K.'s BAE Systems PLC (BA.LN) that will focus on military-vehicle development and manufacturing.

The joint venture, Rheinmetall BAE Systems Land, will play a central role in producing infantry vehicles for the British Army as well as other strategic combat vehicles programs, the German defense-and-technology company said.

Rheinmetall said the joint venture, based in Telford, England, will secure about 450 jobs.

Peter Hardisty, previously managing director of Rheinmetall MAN Military Vehicles UK, will lead the new company as chief executive. BAE Systems' Carrie White serves as chief financial officer and Phil Simon as head of operations.

Rheinmetall initially announced the plans for the joint venture in January, but they were subject to regulatory approvals.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

July 01, 2019 06:47 ET (10:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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