The UK Competition and Markets Authority (CMA) to approve the proposed military vehicle joint venture between Rheinmetall and BAE Systems.
The new JV, to be known as Rheinmetall BAE Systems Land (RBSL), will be headquartered at BAE Systems’ facility in Telford, England. Rheinmetall will purchase a 55% stake in the existing BAE Systems UK based combat vehicles business, with BAE Systems retaining 45%.
Once formally established in the coming weeks, the new company will sustain at least 450 UK jobs and be able to better serve its customers’ future interests, including manufacture of the British Army’s new Mechanised Infantry Vehicle (MIV) and the upgrade of the Challenger 2 Main Battle Tank (MBT) fleet.
Rheinmetall and BAE System will make further announcements about the new joint venture in the coming weeks, said astatemnet released by Rheinmetall.