Rheinmetall is the largest European manufacturer of ammunition for tanks and artillery, ahead of Norway's Nammo and France's Nexter. The German manufacturer recently joined forces with the Ukrainian state-owned military conglomerate Ukroboronprom to repair and then manufacture military vehicles directly on site.
Its share price has more than doubled since the Russian invasion and its order book, worth €18.5 billion, is three times the turnover of 2022. The production of these shells was previously only located in Switzerland, but the Confederation refusing their export to conflict zones, including Ukraine.