BAE and Rheinmetall in joint military vehicle venture
BAE Systems has sold it's majority stake in Land UK, it's military vehicle division, to Rheinmetall, as the two huge arms companies join forces to create a new military land vehicle company. The £28.6m deal was announced on 21st January 2019, and means BAE has sold 55% of Land UK to Rheinmetall. The new joint venture will be called Rheinmetall BAE Systems Land, and will create a "European market leader in the military vehicle sector", according to BAE.
The company will continue to be based at Telford, in the UK. The company will design and manufacture vehicles primarily for the UK, including the new "Boxer" vehicle for the British Army, and an upgrade to the Challenger tanks.