BETHESDA (dpa-AFX) - Global security and aerospace company Lockheed Martin Corp. (LMT), and a German automotive and arms manufacturer Rheinmetall AG (RNMBF.PK) Wednesday announced an extension of the existing Memorandum of Understanding to expand their cooperation for the transatlantic security and self-reliance of Europe. The MoU has been in existence since June 2024.
The expansion of collaboration will help serve as a European center of excellence, with the base in Germany, for the manufacturing and distribution of various rockets. The centre of excellence will be led by Rheinmetall.
The establishment of the centre of excellence and review will be subject to approval by the U.S. and German governments. Rheinmetall said it will not only be involved in sales but will also contribute significantly to the production.
Ray Piselli, vice president, International at Lockheed Martin said: 'This is a step toward helping our European customers meet their NATO commitments and by combining Rheinmetall's deep regional expertise with Lockheed Martin's advanced missile technologies, we're creating a powerful foundation to meet evolving security needs. This relationship will strengthen both defense industries and create jobs in the US and Europe.'
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