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£17bn deal: Rheinmetall has announced a tie-up with rival Leonardo to build tanks for the Italian army
German defence group Rheinmetall has announced a tie-up with rival Leonardo after securing its biggest order to date from the Italian government.
The industry giants have created a joint venture to build tanks for the Italian army in a deal reportedly worth £17bn over more than a decade.
Rheinmetall and Leonardo said the 50:50 venture, which must be approved by EU regulators, will be based in Italy. Rheinmetall boss Armin Papperger said: “Together we want to set new standards and open the door to a new generation of combat vehicles in and for Europe.”
Leonardo CEO Roberto Cingolani said the two companies have “technological and industrial synergies.”
The final assembly lines and approximately 60 percent of the work will be done in Italy.
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