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German defence firm Rheinmetall plans to build at least four arms factories in Ukraine
The Straits Times
|March 16, 2024
FRANKFURT, Germany German arms manufacturer Rheinmetall said on March 14 that it plans to set up at least four factories in Ukraine, as it targets a record €10 billion (S$14.5 billion) in sales in 2024.
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The Ukraine war has boosted Germany's weapons industry as countries seek to re-arm in the face of the growing threat from Russia, and soaring demand in 2023 propelled Rheinmetall onto the bluechip DAX index.
The company said the factories in Ukraine which has been suffering from ammunition shortages as Moscow makes battlefield gains - would be for producing shells, military vehicles, gunpowder andanti-aircraft weapons.
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