EU allocates more than €130 million to Rheinmetall to increase production of 155 mm shells
German arms company Rheinmetall has received more than €130 million from the EU to increase production of 155mm shells.
This is reported by Censor.NET with reference to the Rheinmetall website.
As noted, the funds were received in accordance with the Ammunition Support Act (ASAP). The report explains that more than a quarter of the total amount of €500 million will go to the production of 155 mm artillery shells and powder.
In particular, six projects of Rheinmetall's subsidiaries in Germany, Hungary, Romania and Spain will be invested.
"The great importance of artillery is evident from Ukraine's struggle to defend its country. The European armed forces also need to replenish their stocks of artillery ammunition. We are ready for this and are already working on it," said Rheinmetall CEO Armin Papperger.
Rheinmetall has been increasing its production capacity since 2022. The company has now set a target of producing up to 1.1 million artillery shells per year by 2027. In addition, the company plans to produce up to 1.5 million fuel modules and 3,000 tonnes of hexogen annually from 2026.
