January 21, 2019 / 10:51 AM / 10 months ago

Rheinmetall, BAE Systems form joint venture in Britain

A corporate logo is seen outside the Rheinmetall Denel munitons plant near Cape Town, South Africa, November 6, 2018. Picture taken November 6, 2018. REUTERS/Mike Hutchings

FRANKFURT (Reuters) - German defense and automotive company Rheinmetall (RHMG.DE) on Monday said it would create a Britain-based joint venture with peer BAE Systems (BAES.L) to design, build and support military vehicles.

As part of the deal, Rheinmetall will buy a 55 percent stake in BAE Systems’ Britain-based combat vehicles business, with BAE keeping the rest, Rheinmetall said, without disclosing financial details.

The joint venture, which is expected to be completed in the first half and will have about 400 employees, will be named Rheinmetall BAE Systems Land, Rheinmetall said.

Reporting by Christoph Steitz, editing by Tassilo Hummel

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