Germany's Rheinmetall wins $3.7bn Algeria defence deal
Frankfurt, June 18, 2014
German defence group Rheinmetall is set to sign a 2.7 billion euro ($3.7 billion) deal in the coming weeks for the production of 980 Fuchs 2 military vehicles for Algeria, newspaper Handelsblatt reported on Wednesday, without citing sources.
Germany said this month it would adopt a more cautious approach towards arms exports after a 24 per cent surge last year fuelled a domestic debate on military sales.
It was the world's third-largest arms exporter after the US and Russia from 2008 to 2012.
Handelsblatt said the contract for the Fuchs 2 armoured personnel carriers is part of a bundle of deals with the North African country worth 10 billion euros for German companies including ThyssenKrupp and Daimler.
ThyssenKrupp will deliver two frigates, while Daimler will be a technology partner for the production of trucks and military vehicles, the paper reported.
Officials at the three companies were not immediately available for comment outside business hours.-Reuters