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Rheinmetall AG: Strategic acquisition in the USA - Rheinmetall agrees takeover of vehicle specialist Loc Performance
- Rheinmetall acquires Loc Performance for $950M.
- Strengthens US military vehicle production capabilities.
- Enhances access to $60B in US Army contracts.
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EQS-Ad-hoc: Rheinmetall AG / Key word(s): Takeover/Mergers & Acquisitions Ad hoc announcement 13. August 2024 |
Strategic acquisition in the USA: Rheinmetall agrees takeover of vehicle specialist Loc Performance
Acquisition expands and strengthens Rheinmetall's position in North America and the competition for high-volume major orders in the USA
With a strategic acquisition in the USA, the Düsseldorf-based Rheinmetall Group is expanding its position in the world's largest defense market and strengthening its core business in the field of land vehicles for military customers worldwide.
Rheinmetall has today (August 13, 2024) signed an agreement to acquire all equity interests in Loc Performance Products, LLC, a renowned vehicle specialist based in Plymouth, Michigan.
The acquisition expands the Group's business with the US military, increases its industrial base in the USA and creates further access for its technologies in North America. Furthermore, Rheinmetall is strengthening its production capacities in the USA with a view to targeted high-volume major orders for U.S. Army vehicle programs with a total potential of over USD 60 billion. Rheinmetall is one of two remaining participants in the current prototype phase of the XM30 program. This program serves to introduce a new generation of infantry fighting vehicles. The volume is estimated at around USD 45 billion for around 4,000 infantry fighting vehicles. Furthermore, Rheinmetall is participating in the CTT (Common Tactical Truck) program, which has a volume of around USD 16 billion for around 40,000 trucks.
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