Rheinmetall has formed a joint venture with the Ukrainian state-owned conglomerate Ukroboronprom to manufacture and repair tanks in Ukraine, Handelsblatt reported Friday, citing the CEO of the German weapons manufacturer.
"Contracts signed," said Handelsblatt CEO Armin Papperger, adding that the cooperation will cover the maintenance and repair of armored vehicles in Ukraine, in parallel, the construction of tanks will be prepared.
Rheinmetall will own a controlling stake of 51% in the new company and will manage, added Handelsblatt.
According to Handelsblatt, in the coming days, the German company expects to sign contracts for two more joint ventures for the supply of ammunition and air defense.
"Ukraine will benefit from integrated technology transfer, and also from short-term deliveries of military equipment from Germany,” Papperger told Handelsblatt.
The newspaper quoted the head of Ukroboronprom, Yuriy Gusev, who welcomed Rheinmetall’s willingness to support Ukraine in its fight against Russia.
Rheinmetall produces Leopard tanks, which Germany decided to send to Ukraine, which the company produces together with Krauss-Maffei Wegmann, ammunition, as well as other military equipment.