DUSSELDORF, Germany, May 6 (UPI) -- Rheinmetall of Germany and Turkish defense company MKEK are to form a joint venture to develop weapon systems and munitions, Rheinmettal announced.
The creation of a joint venture company comes under a memorandum of understanding signed that paves the way for extensive cooperation between the two.
"Operational management of the new company, to be known as Rheinmetall MKEK Technologies, will be organized by Rheinmetall," the German company said. "Besides joint development of new products, MKEK will be in charge of manufacturing.
"During the initial phase, work will focus on the development of protection systems and medium-caliber ammunition products."
No information was provided as to when the new company in Turkey would actually be formed or the financial investment in it by each of the partners.
Both companies bring a comprehensive range of experience and expertise to the new company, which will create "a unique competency center in Turkey, systematically oriented to the needs of the markets and evolving customer requirements."
