Rheinmetall targets 50 billion euros in sales by 2030

German arms maker Rheinmetall AG wants to reach sales of 40 to 50 billion euros ($59 billion) by 2030, the company's CEO, Armin Papperger, told RTL and NTV television stations on Tuesday, Reuters reports.

"I would like this company to have a turnover of 40 to 50 billion euros and a profit of close to 10 billion euros," Armin Papperger said, adding that Rheinmetall's workforce is expected to grow from 40,000 to 70,000 employees in the next 2-3 years.

Rheinmetall produces tanks, military trucks, artillery, air defense systems and ammunition, all of which are in high demand in the context of the war in Ukraine. The defense business accounts for 80% of the company's sales.

The German group expects its sales to rise by 25%-30% this year, after approaching the 10 billion euro mark in 2024, but also to an operating margin of 15.5%, slightly above the 15.2% recorded last year.

In 2024, Rheinmetall reported group-wide sales of 9.75 billion euros, a jump of 36% compared to 2023, but below analysts' estimates, which were betting on sales of 9.99 billion euros.

Rheinmetall's order book stood at 24.5 billion euros at the end of 2021, a figure that reached 52 billion euros in the fall of 2024.

Rheinmetall Landsysteme GmbH, Germany, a division of the Rheinmetall group, intends to take over the company Automecanica Mediaş and its subsidiary, Atelierele Speciale Autocamioane Mediaş, according to Agerpres. The transaction was authorized by the Competition Council. Automecanica Mediaş is a manufacturer of steel components for heavy transport semi-trailers, special containers, steelworks and metal fabrications, interior and exterior metal stairs, assembly of final metal structures, car superstructures, as well as customized design and production of steel, stainless steel and aluminum parts and components.