Rheinmetall to repurpose two German factories to make defence equipment
FRANKFURT/DUESSELDORF, Feb 24 (Reuters) - Rheinmetall, Europe's top ammunition maker, on Monday said it intends to repurpose two of its automotive sites in Germany to mostly make defence equipment, highlighting the impact of an expected surge in spending in the region amid U.S. tensions over the Ukraine war.
Rheinmetall's defence expansion affects its factories in Berlin and Neuss, where the company currently makes automotive parts, a business that has faced challenges as Germany's carmakers battle high costs and competition from abroad.
Both plants would be made part of Rheinmetall's Weapon and Ammunition division and serve as so-called hybrid plants, ensuring some automotive production at the sites can still take place.
"Above all, the plants will benefit from the industrial strength that the Rheinmetall Group has as a major military equipment supplier, as well as from the high demand from customers in Germany and worldwide," the group told Reuters in e-mailed comments.
The company said no final decisions had been made regarding the undertaking's structure.
Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mirror
8 minutes ago
- Daily Mirror
Tottenham's whopping cost to sack Ange Postecoglou ahead of imminent decision
Ange Postecoglou's future at Tottenham remains unclear despite the Australian having led the club to their first major trophy for 17 years, with Daniel Levy expected to make a decision this week It will cost Tottenham around £4million to sack Ange Postecoglou, having already handed the Australian a £2m bonus. Postecoglou led Spurs to their first major trophy for 17 years by winning the Europa League last month. It was also their first piece of European silverware since 1984. But it did come at a cost, with Spurs finishing 17th in the Premier League table, the club's lowest finish since being relegated from the top-flight in 1977. Postecoglou did have to deal with a succession of injury crises, but it was still a dreadful campaign on the domestic front for his side. That has seen the Australian's position as manager come under threat. A decision is expected to be made this week on his future in North London. It comes as Spurs continue major changes behind the scenes, with long-serving executive director Donna-Maria Cullen leaving the club as Vinai Venkatesham prepares to arrive as CEO. For now, the focus will remain on Postecoglou, though sacking him would likely prove to be an unpopular move among players and fans. It will also likely seriously hit the club's bank account. According to the Daily Telegraph, Postecoglou would be due £4m in compensation if he was sacked. That fee was agreed ahead of his appointment two years ago, with another two years to run on his contract. The payout would be on top of the £2m bonus already handed to him for winning the Europa League. Postecoglou has returned to England from his end-of-season holiday and is awaiting the verdict on his future. The total cost of replacing him could also balloon above the £10m mark should Spurs look to bring in a replacement who is already in a job. Postecoglou has seen trusted assistant Ryan Mason depart to take over as West Brom boss. But the Australian himself has insisted he is preparing to remain in his post for the start of the new season. He admitted that he felt it was ' weird ' to see the media openly discussing a potential sacking. "I'll be honest, I've been finding it really weird talking about my future when we've done something unprecedented," Postecoglou said after the final day thrashing at the hands of Brighton. "I've had to answer the questions because no one else at the club is kind of in the position to do so, I guess. But I can't answer that question about me and my future, and part of me is kind of thinking, well, why have I been asked that question? But it is what it is. "And I've got no doubt, though, that this could be a real sort of defining moment for this club because wherever I've been, I've kind of made an impact where I've brought success to a club that hasn't had for a while. "You just have to look at those clubs' trajectory even after I've left, they're still competing for things. I really think this is a moment in time where this club can really push on and be a real contender for honours on a yearly basis."
Reuters
16 minutes ago
- Reuters
Israeli military says it will strike Beirut's southern suburbs
CAIRO, June 5 (Reuters) - The Israeli military on Thursday told residents of four neighborhoods in Beirut's southern suburbs to evacuate ahead of strikes on what it said were underground Hezbollah drone-manufacturing sites, and thousands fled. The evacuation warning, published on X, was the first such warning in over a month for the suburbs, which were hit hard in the year-long war that ended in a ceasefire in November. Residents rushed to leave the area, causing traffic gridlock. "Despite the understandings between Israel and Lebanon, the IDF has identified that the Hezbollah aerial unit is operating to produce thousands of UAVs, with the direction and funding of Iranian terrorists," the army added in a statement, using acronyms for the Israel Defense Forces and drones. There was no immediate comment from Hezbollah. A U.S.-brokered truce in November halted the fighting between the Iran-backed Hezbollah and Israel. Each side accuses the other of not entirely living up to its terms, and the ceasefire has looked shaky in recent months.
Reuters
17 minutes ago
- Reuters
Drillers, unions urge US senators to preserve hydrogen credit
WASHINGTON, June 5 (Reuters) - A coalition of nearly 250 companies and business and labor groups on Thursday urged top U.S. Republican senators to preserve a credit for the emerging hydrogen fuel industry as they hash out President Donald Trump's tax and spending bill. Oil and gas lobbying group the American Petroleum Institute, a local unit of the International Brotherhood of Electrical Workers, and DuPont (DD.N), opens new tab urged Senate Majority Leader John Thune and Senator Mike Crapo to extend the construction deadline to December 31, 2029 for hydrogen projects to receive a tax break. The Senate is debating its version of the bill after the House of Representatives terminated the so-called 45V credit for any project which begins construction after the last day of 2025. "If this course of action is adopted by the Senate, it will drive tens of billions of dollars in planned private sector investments out of the United States and into other countries," the groups said in a letter to the senators, dated June 5. "Failing to act now by preserving 45V means ceding the future of hydrogen to China." The Business Council for Sustainable Energy and the Nuclear Hydrogen Initiative also signed the letter. House Republicans slashed the credits which had been included the Inflation Reduction Act, the landmark climate legislation signed by former President Joe Biden, a Democrat. Under the IRA, hydrogen producers got tax credits for projects that began construction before 2033. Industry analysts say clean hydrogen, opens new tab, or hydrogen produced from non-fossil energy sources, or natural gas paired with technology to capture carbon emissions and store them underground, is needed to decarbonize heavy industry and some vehicles. The letter said clarity from lawmakers would spur tens of billions of dollars in private capital, boost domestic manufacturing, and create long-term employment in construction, operations, and technology.
