Rheinmetall locks in $950 million purchase of US company to strengthen position
The HX3-CTT truck. (Photo: GM Defense)
Rheinmetall is working to open up the US market and the potential billions of dollars on offer. In order to get in the door it has purchased engineering company Loc Performance Products.
Rheinmetall has has been approved for the purchase of US company Loc Performance Products, a major step in its efforts to capture billions of dollars in potential US contracts and grow its American Rheinmetall Vehicles (ARV) subsidiary.
The deal was closed on 29 November and the agreed purchase price was based on an enterprise value of US$950 million with Loc Performance Products now coming under ARV.
The US company is a substantial operation with of 160,000m2 of production space and, according to Rheinmetall, “with considerable capacity for future expansion”.
It has 950 employees with operations in Plymouth in Lansing, Lapeer
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