The emblem of Germany’s Rheinmetall AG is seen after the Company’s 2019 annual report in Duesseldorf, Germany, March 18, 2020 REUTERS/Thilo Schmuelgen
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FRANKFURT, May 13 (Reuters) – German army tools maker Rheinmetall’s (RHMG.DE) chip provides ought to final 5 years after it spent 500 million euros ($519 million) this 12 months to ramp up stock of semiconductors and digital elements, Rheinische Post reported on Friday.
Rheinmetall’s share worth has nearly doubled since Russia’s invasion of Ukraine after which Germany stated it could ramp up its historically low army spending by 100 billion euros.
At the identical time, the booming demand for army tools isn’t a purpose for Rheinmetall to promote its automotive unit, which provides carmakers with engineering components resembling pumps and valves, Chief Executive Armin Papperger instructed the newspaper.
“It is true that defense technology is gaining in importance. But we have no plans to exit our civilian activities,” Papperger instructed Rheinische.
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Reporting by Zuzanna Szymanska; Editing by Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles.
Germany’s Rheinmetall has 5-yr supply of semiconductor chips – Rheinische Post & More Latest News Update
Germany’s Rheinmetall has 5-yr supply of semiconductor chips – Rheinische Post & More Live News
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