Armin Papperger, CEO of the German armament concern Rheinmetall, has announced plans to open at least four plants in Ukraine. He made this statement on 14 March during the presentation of the company’s 2023 results.

According to AFP, Papperger stated that Rheinmetall would produce ammunition, military equipment, gunpowder and anti-aircraft systems.

"Ukraine is an important partner for us now. We see the potential of two to three billion euros (of sales – ed.) per year here," he added.

Last month, Rheinmetall, the largest German armament manufacturer, announced an agreement with a Ukrainian company to produce artillery rounds in Ukraine.

The construction of the plant is expected to start soon. Its location is not disclosed for security reasons. It will be created according to the model of an ammunition production plant that Rheinmetall is building in Germany.

During the presentation, Papperger reported record-breaking sales of €7.2 billion in 2023. This year, the armament manufacturer intends to exceed the amount of €10 billion.

In the autumn of 2023, Rheinmetall received a permit to create a joint venture with the Ukrainian Defence Industry concern (former Ukroboronprom), and this company has already been registered in Ukraine.

Rheinmetall also announced plans to manufacture its first armoured vehicles in Ukraine in 2024.