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Rheinmetall, the German automotive and arms company, said it has signed a new contract in the “three-digit million-euro range” with an international customer to modernise Skyguard air defence batteries.
The work, which will also include manufacturing ammunition and other components of the 35mm cannon-based air defence system, is to begin this year.
The Skyguard system allows the country to intercept small unmanned drones, as well as protect itself from many “aerial threats,” according to the company.
The customer was described as a long-standing business partner but the name was not revealed.
Penultimate Monday, Rheinmetall, MDAX stock index-listed company, disclosed in Düsseldorf that it had won a major contract worth more than €250 million ($267 million) to produce electric car components for a German premium manufacturer, whose identity is still being kept under wraps, with switch contactors for a new electric car platform from 2025.
Contactors enable the safe switching on and off of electric vehicles with a high-voltage on-board network of 900 volts.
Late December, the company confirmed a major order worth €770 million from an industrial customer for refrigerant compressors in another order for non-military products.
Since the outbreak of Russia’s war on Ukraine and the German government’s announcement of a €100-billion boost to its armed forces, Rheinmetall’s defence division has been the focus of investor attention.
Rheinmetall significantly streamlined its automotive supply division in recent years, but also wants to build its business outside of defence in future fields such as electromobility.
As a global player, Rheinmetall has a total of around 12,000 personnel based at 36 manufacturing sites around the world and generates annual revenues of approx. EUR 2.6bn in an industry which is exposed to constant exchange rate volatility.
