German defense company Rheinmetall has announced a new cooperation deal with U.S. peer Raytheon to jointly offer products and services, the Düsseldorf-based firm said Friday.
“Specifically, both companies want to closely cooperate in the areas of air defense, armored vehicles, weapons and munitions, cyber defense as well as simulation and training,” the firm, listed on the Frankfurt stock exchange, said in a statement.
Following the merger of German rival Krauss-Maffei Wegmann and French peer Nexter at the end of 2015, Rheinmetall Chief Executive Armin Papperger had said he wanted his company to seek international partnerships.
Rheinmetall's stock traded up 1 percent at €71.16, or $75.78, at 11:38 A.M. local time in Frankfurt.
Rheinmetall, which also makes car parts, is expected to have generated turnover of €5.6 billion in 2016. In 2015, its defense subsidiary had turnover of €2.6 billion. The group employs 23,000 people.
Raytheon, based in Waltham, Massachusetts, had sales of $24 billion last year, employing 63,000 people. It competes with Lockheed Martin, Airbus, Thales, BAE Systems and others.