For the production of ammunition
Rheinmetall receives millions in EU funds
March 26, 2024, 12:22 p.m
Listen to article
This audio version was artificially generated. More info | Send feedback
It’s not just Ukraine that urgently needs more artillery ammunition to be able to defend itself against Russia. The warehouses of several NATO countries also need supplies. The EU now wants to boost ammunition production with aid for Rheinmetall.
Rheinmetall receives funding from the European Union to expand production of urgently needed ammunition. The Düsseldorf-based arms company will receive a total of 130 million euros from the EU pot of around 500 million euros from the “Act of Support in Ammunition Production,” said Rheinmetall.
The funds will flow into six projects run by Rheinmetall subsidiaries in Germany, Hungary, Romania and Spain. Ammunition is urgently needed in Ukraine, which is attacked by Russia and supported by the West. But the Bundeswehr and the armed forces of other NATO countries also have to replenish their stocks.
Rheinmetall is ready for this, the company said. By 2027, the company wants to be able to produce up to 1.1 million artillery shells annually. Currently there are around 700,000 shots annually. Ammunition production is one of the drivers of sales and profits at Rheinmetall.