BERLIN (Reuters) - Arms makers Lockheed Martin (NYSE:LMT) and Rheinmetall will team up to develop a German rocket artillery system, they said on Thursday, a weapon in the same category as the HIMARS rocket launchers Lockheed has been supplying to Ukraine.
HIMARS is a missile launcher mounted on a truck that can fire multiple guided missiles in quick succession. Missiles supplied to Ukraine have a range of up to 50 miles (80 km) and Ukrainian forces have had great success using them to target Russian positions.
Rheinmetall and Lockheed said in a statement they had signed a memorandum of understanding and that the new weapon would integrate existing German components.
"The combination of proven capabilities and comprehensive know-how of Lockheed Martin with the expertise of Rheinmetall on the production side will provide unique opportunities for both sides," Rheinmetall Chief Executive Armin Papperger said.
The agreement provides the chance to secure key technological know-how and significant added value for Germany, he added.
"Lockheed Martin is looking forward to the cooperation and the optimisation of our joint resources to meet the immediate needs for deterrence," said Paula Hartley, Lockheed's vice president of tactical missiles.