VERSAILLES, France, July 2 (UPI) —Two major European Defense enterprises are merging their businesses as early as next year through a joint holding company.
The merger deal is between Germany’s Krauss-Maffei Wegmann and Nexter Systems of France, providers of land defense systems.
“The alliance of KMW and Nexter creates a group with the momentum and innovative force required to succeed and prosper in international competition,” the companies said in a joint statement. “In addition, it offers to its European and NATO customers the opportunity of increased standardization and interoperability for their defense equipment, with a dependable industrial base.”
KMW is owned by Wegmann GmbH. Nexter S. A. is in the sole ownership of the French State holding company GIAT Industries.
Full article: German, French defense companies to merge (UPI)