Rheinmetall has received over 130 million euros ($140 million) from the European Union to ramp up 155mm artillery ammunition and powder production in support of Ukraine.
Six Rheinmetall subsidiary projects in Germany, Hungary, Romania, and Spain will benefit from the funding, with grant agreements expected to be signed in May.
“The great importance of artillery is evident from Ukraine’s battle to defend its country,” Rheinmetall CEO Armin Papperger said.
“The European armed forces also need to replenish their stocks of artillery ammunition. We are ready for this and we are already working on it.”
Part of $544M EU Fund
The funding is part of the European Commission’s 500 million euro ($544 million) Act in Support of Ammunition Production fund to ramp up annual ammunition production to 2 million shells by the end of 2025.
Other beneficiaries of the fund include Nammo, Chemring Nobel, Hellenic Defence Systems, and Eurenco.