Rheinmetall acquires Loc Performance, a U.S. military vehicle parts manufacturer, in $950 million deal

Rheinmetall (OTCPK:RNMBF) (OTCPK:RNMBY) agreed to acquire U.S.-based military vehicle parts maker Loc Performance for $950M, Reuters reported Tuesday.

The purchase of Michigan-based Loc Performance expands Rheinmetall’s (OTCPK:RNMBF) (OTCPK:RNMBY) industrial base in the U.S., as it aims for high-volume major orders for the XM30 U.S. Army vehicle and common tactical truck programs worth more than $60B, the company said.

Rheinmetall (OTCPK:RNMBF) (OTCPK:RNMBY) said Loc Performance’s manufacturing capabilities are capable of meeting the critical production requirements of the two programs.