The largest defence companies in Germany and Italy, Rheinmetall and Leonardo, have set up a joint venture.
The joint venture agreement was signed on Tuesday in Rome, ANSA reports.
‘Defence giants Leonardo of Italy and Rheinmetall of Germany on Tuesday created a major Italian-German tank building alliance,’ the report said.
Both companies will have a 50% stake in the venture.
The joint venture will be called Leonardo Rheinmetall Military Vehicles and will have its registered office in Rome. Production will be concentrated in the Italian city of La Spezia.
The main task of LRMV is to develop and produce a main battle tank for the Italian army to replace the Ariete tanks.