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Rheinmetall has signaled that previously disclosed plans to establish a joint venture (JV) with European missile startup Destinus may be at risk of falling apart.
Destinus and Germany defense startup Helsing last month announced a commercial tie-up. Under the agreement, Helsing said it would take a stake in Destinus.
“This is one of the reasons why basically negotiations we still or conversation we still have with Destinus have not resulted in any concrete agreement,” Rheinmetall Chief Financial Officer Klaus Neumann said on the company’s third-quarter earnings call.
Negotiations are still ongoing, he said, adding “we can be less certain that it will come to fruition than before. But it is not finally decided.”
Rheinmetall has cut its full-year sales guidance. In part that reflects the joint venture not materializing and the expected triple-digit-million-euro sales.
Talks with Lockheed Martin concerning a missile joint venture continue, Neumann said, without providing more specifics.
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