3 hours agoGermany: Rheinmetal weapons group in commercial expansion
Periskopi(9 months ago)
(9 months ago)The Rheinmetall weapons company buys the Lürssen naval department in Bremen, which includes several shipyards. The deal reached by the Rheinmetall Concertone significantly changes the landscape of shipyards in northern Germany: the Rheinmetal-celi weapons group in Düsseldorf enters the maritime sector and is buying all the Lürssen naval department with headquarters in Bremen, [...]
The deal reached by the Rheinmetall Concerone significantly changes the landscape of shipyards in northern Germany: Rheinmetall with headquarters in Düsseldorf enters the maritime sector and is buying out the entire Lürssen sea department with headquarters in Bremen, known as Naval Vesels Lürssen (NVL). These include Blhm + Voss and Noderwerft in Hamburg, Peene-Werft in Wolgast (Mcklenburg-Western Pomerania) and Neue Jadewerft in Wilhelshaven. The centers in Bulgaria, Croatia, Egypt, and Brunei are added.
Silence over the purchase price
The purchase affects approximately 2,100 employees worldwide, as reported by Rheinmetall on Monday morning. According to the company itself, it has approximately 40,000 employees in 174 centres. Last year, NVL had revenues of approximately one billion euros. The two sides agreed to keep the purchase price confidential, reports DW, Periscopi broadcast.
According to the NDR, NVL currently has orders worth approximately seven billion euros. The company supplies both German navy and other countries. There is further growth potential in the field of autonomous ships, that is, floating fears. The purchase must be approved by antitrust authorities. Rheinmetall and Lürssen are expected to complete the deal early next year.
Rheinmetall aims to diversify his business
With the purchase of shipbuilders, Rheinmetall aims to diversify his business and study the marine sector as an additional business field. Following the announcement of these plans, the Rheinmetall stock price rose temporarily to a “height of all times” of $1.949 per share. The group does not currently build its own ships, but does business with the navy, for example, with sea balls and laser modules. Since the start of Russia's fight of aggression against Ukraine in February 2022, the company's stock price has risen nearly twentyfold. Rheinmetall is one of Ukraine's main arms suppliers, with part of this military assistance paid by the German federal government.
Lürssen cites threats as reason for sale
The family company Lürssen justified the separation from its military department, citing increasing the picture of threats. Friedrich Lürssen, manager of Lürssen Maritime Beteiligungen GmbH & Co KG, explained in a statement that the company considers consolidation within the needed and reasonable defence industry. Only in this way can we quickly ensure our country's defenses. The Lürssen family group will focus exclusively on building civilian megayachs in the future.
Union seeks employee safety
The IG Metall Coast Union welcomes that there is now clarity between Rheinmetall and Lürssen. For employees, however, many questions remain open, says Daniel Friedrich, head of the responsible union. “Friedrich urges both companies to ensure transparency as soon as possible and to remove uncertainty for employees in northern Germany's factories. “Without location and job safety, as well as good collective agreements, a new structure will not function under Rheinmetall”, the unionist stressed. / DW
