Rheinmetall, Lockheed Martin to cooperate on rocket artillery system

German integrated technology firm Rheinmetall AG announced Friday that its unit Rheinmetall Defence has signed a memorandum of understanding with U.S. security and aerospace company Lockheed Martin Corp. to cooperate on a rocket artillery system.
The companies plan to work together on tailored solutions to provide a unique rocket artillery system to Germany that maximizes existing and combat-proven components that are produced in Germany.
Under the collaboration, the companies will explore potential joint opportunities in areas such as research and development, production and other activities.
"The combination of Lockheed Martin's proven capabilities and extensive know-how with Rheinmetall's experience in fabrication and production opens unique opportunities for both sides," said Armin Papperger, chief executive of Rheinmetall.
"For Germany and Rheinmetall, the agreement offers the chance to secure key technologies and a significant share in the value added chain for Germany," Papperger added.