Rheinmetall and Krauss-Maffei Wegmann said on Wednesday that they had received an order from Germany’s army to upgrade 143 Puma infantry fighting vehicles.
The order was valued at nearly EUR 770 million, the companies said.
Under the contract, Rheinmetall and Krauss-Maffei Wegmann will retrofit the armored vehicles with key capabilities for firepower and command and control by 2029.
That contract was inked in 2021 and included two options for vehicle modernization, both of which the German government has decided to execute now.
Late last year, the government said it would not buy any more Puma vehicles until their reliability had been proven.
The shares of Rheinmetall AG (RHMG) were last gaining 0.83% (EUR 2.250) to trade at EUR 272.150 on Xetra on Wednesday, while extending the gain from the prior session.
The company’s total market cap now stands at EUR 11.822 billion.
The shares of Rheinmetall AG went up 123.99% in 2022, compared with a 12.35% loss for the benchmark index, DAX (GDAXI).
The shares have risen another 46.28% so far this year.
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