The Italian commercial vehicle manufacturer Iveco is being split up: The defense division Iveco Defense Vehicles goes as expected for 1.7 billion euros to the Italian armaments group Leonardowith which Rheinmetall is already cooperating on tank projects. The civil truck business will be sold to Tata Motors from India for 3.8 billion euros. The transaction is to be completed by March 2026 at the latest.
Leonardo plans, together with Rheinmetall to further expand its military business. Both companies are in exclusive talks about the possible takeover of the logistics vehicle business of Iveco Defense Vehicles by the Düsseldorf-based DAX-listed company, as Rheinmetall confirmed to Reuters.
Leonardo and Rheinmetall had submitted a joint bid against the competition from KNDS and the Czechoslovak Group. Already now the two partners are already linked by a multi-billion euro tank project for the Italian armyin which Rheinmetall’s Panther and Lynx form the basis – supplemented by Italian systems from Leonardo.
Iveco was founded in 1975 under the leadership of Fiat and also took over the German Magirus Deutz. Today, the group employs around 36,000 people and most recently had a turnover of 15.3 billion euros.
Here for more news about Iveco Defense Vehicles, here to further news from Rheinmetall and here to further news about Leonardo.
