The transaction’s completion is pending regulatory approvals, including merger control. Credit:.Aleksandrkozak/Shutterstock.

European manufacturer KNDS has raised its stake in German tank equipment maker RENK Group from 6.7% to 25.1%, strengthening strategic partnership. 

The transaction, which saw KNDS exercise option to increase the shareholding, will complete following the receipt of regulatory approvals, including merger control.  

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The companies note that the decision to exercise this option reflects a mutual commitment to deepen cooperation, combine expertise, foster innovation, and create added value for stakeholders. 

This partnership ensures that RENK Group maintains its independence as a provider of vehicle mobility solutions to a global customer base.  

RENK Group CEO Dr Alexander Sagel said: “The commitment of KNDS will have a lasting impact on our cooperation and strengthen our role as a leading manufacturer of mission-critical propulsion solutions in various military end markets.” 

Headquartered in Augsburg, RENK manufactures critical propulsion systems for various military and civilian sectors.  

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Its product range includes gear units, power-packs, hybrid propulsion systems, transmissions, suspension systems, slide bearings, couplings, clutches, and test systems. 

In the 2023 fiscal year, the Frankfurt Stock Exchange-listed RENK reported a revenue of €926m ($954m).

KNDS CEO Philippe Balducchi said: “At KNDS, we have strong confidence in RENK and its management. With this step, we are reaffirming our commitment to a long-term cooperation, with an independent and highly reliable partner.” 

This move follows the recent signing of shareholder agreement for MGCS Project Company, by KNDS Deutschland, KNDS France, Thales, and Rheinmetall Landsysteme.  

The MGCS Project Company is set to become the industrial prime contractor for the upcoming phase of the Main Ground Combat System (MGCS) programme. 

KNDS was formed through the partnership of Krauss-Maffei Wegmann and Nexter. In 2023, KNDS reported a turnover of €3.3bn, with an order backlog of approximately €16bn and incoming orders totalling €7.8bn.  

The company’s product portfolio includes main battle tanks, armoured vehicles, artillery systems, weapons systems, and ammunition.