DUESSELDORF (dpa-AFX) - Rheinmetall AG (RNMBF.PK), a German automotive and arms manufacturer, said it signed an agreement to acquire all equity interests in Loc Performance Products, LLC, a renowned vehicle specialist based in Plymouth, Michigan, for an enterprise value of US$950 million.
The company noted that the acquisition expands its business with the US military, increases its industrial base in the USA and creates further access for its technologies in North America.
Loc Performance is a diversified full-service provider for both military and civilian customers. In addition to its headquarters in Plymouth, MI, the company has further locations in Lansing, MI and Lapeer, MI as well as in St. Marys, OH.
The closing of the transaction is subject to regulatory approvals.
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