Rheinmetall to receive €130 million from EU to expand ammunition production
German armament concern Rheinmetall has revealed that it will receive more than €130 million from the European Union to increase ammunition production.
Source: Rheinmetall's announcement on 26 March, European Pravda reports
Rheinmetall will receive the funding under the Act of Support in Ammunition Production (ASAP), which was adopted by the EU last year to boost European defence production, including 155 mm artillery ammunition and missiles.
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The German concern will invest in six projects of its subsidiaries in Europe, namely in Germany, Hungary, Romania, and Spain, the press release said. The first agreements are expected to be signed in May 2024.
Rheinmetall noted that it aims to produce up to 1.1 million artillery shells a year by 2027. In addition, starting in 2026, the concern plans to annually produce up to 1.5 million rocket fuel modules and 3,000 tonnes of RDX explosives.
Background:
- In February, construction began on a new Rheinmetall plant in Germany, which will increase Germany's capacity to produce artillery shells.
- The concern is also reportedly planning to open at least four plants in Ukraine.
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