German military equipment manufacturer Rheinmetall said on Sunday it has agreed to acquire Spanish explosives and ammunition maker Expal Systems for an enterprise value of 1.2 billion euros ($1.24 billion).
The logo of Rheinmetall is displayed at the Eurosatory international defense and security trade fair in Villepinte, near Paris, France June 13, 2022. REUTERS/Benoit Tessier/File Photosaid on Sunday it has agreed to acquire Spanish explosives and ammunition maker Expal Systems for an enterprise value of 1.2 billion euros .
Expal is a subsidiary of Spanish company Maxam, owned by private equity firm Rhone Capital, and generated revenue of 350 million euros in 2021, according to a source familiar with the deal. Expal has a workforce of more than 1,000 employees and 11 production sites and is present in over 60 countries.
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