Rheinmetall AG, the German auto parts and weapons maker, and German truck manufacturer MAN Nutzfahrzeuge AG announced Tuesday that they have formed a joint venture, according to Associated Press.
The joint company, Rheinmetall MAN Military Vehicles GmbH, will make armored and unarmored military vehicles for the international armed forces.
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Under the contract signed by the two companies, Rheinmetall will have a stake of 51 percent and MAN 49 percent in the new company, which will be headquartered in Munich.
The plan is subject to approval by German regulatory authorities.
In the first phase, the two companies will merge their respective development and sales activities in the military wheeled vehicle sector. Under the second phase, the two companies said they integrate their production capacities at plants in Kassel and Vienna into the joint company by the end of 2011.
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