Rheinmetall and BAE Systems to create UK based military JV.

Rheinmetall and BAE Systems announced that they have created a joint UK based military vehicle design, manufacturing and support business. The new Joint Venture will be headquartered at BAE Systems’ facility in Telford, England and will sustain over 400 jobs in the UK, as well as preserve key technology and engineering skills. Rheinmetall will purchase a 55% stake in the existing BAE Systems UK based combat vehicles business, with BAE Systems retaining 45%. The establishment of the new Joint Venture is subject to regulatory approvals which are anticipated to be completed in the first half of 2019. Once the approvals have been completed, the Joint Venture will be known as Rheinmetall BAE Systems Land. “We are committed to evolving our combat vehicles business so that we better serve our customers’ future interests. Joining forces with Rheinmetall in the UK provides renewed purpose for our vehicles business and allows us to deliver products, services and technology that help land forces excel in their vital roles. We look forward to working together to ensure the Joint Venture is a trusted supplier to the British Army and our international customers.” Jennifer Osbaldestin, BAE Systems Land UK business Managing Director.