Rheinmetall Joint Venture Invests $577 Million to Produce Propellant Powder in Romania

Rheinmetall RHM 2.85%increase; green up pointing triangle and Pirochim Victoria said they will invest over 500 million euros ($576.9 million) in a new propellant powder plant in Romania.

The German arms maker and the Romanian defense company signed a deal Monday to form a joint venture, with Rheinmetall holding 51% and Pirochim owning the remainder, Rheinmetall said.