German arms manufacturer Rheinmetall plans to set up at least four factories in Ukraine to produce artillery shells, military vehicles, gunpowder, and anti-aircraft weapons, the AFP reported on March 14.
This could present a boost for Ukrainian defense production amid ammunition shortages and dwindling supplies from the U.S.
"Ukraine is now an important partner for us, where we see a potential of between 2 and 3 billion euros ($2.18-$3.27 billion) per year," Rheinmetall CEO Armin Papperger said during a presentation of the company's 2023 results, the AFP wrote.
Previously, the company signed a contract with the Ukrainian Defense Industry (Ukroboronprom) in October 2023 to repair and produce armored vehicles directly in Ukraine in a joint plant.
During the Munich Security Conference in February, Papperger signed a memorandum of intent with Ukraine's Strategic Industries Minister Oleksandr Kamyshin to produce artillery shells in another joint plant based in Ukraine.
Oleksandr Tartachnyi
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