The European Union has allocated more than 130 million euros to the German defense concern Rheinmetall to expand ammunition production. This was reported by the company's press service.

It is noted that about 130 million euros of the total amount of 500 million euros allocated by the EU to support the production of ammunition will be used to expand the production of 155 mm artillery ammunition and gunpowder in six projects at Rheinmetall branches in different European countries, including Germany, Spain, Romania and Hungary.

The German defense company aims to produce up to 1.1 million artillery rounds annually by 2027. To achieve this goal, Rheinmetall plans to produce up to 1.5 million modules of metal charges and 3,000 tons of hexogen explosives annually starting in 2026.

"We are grateful for the trust of the European Union, which has given Rheinmetall, one of the largest suppliers of artillery ammunition in Europe, significant attention in financing. Artillery is essential in modern defense battles, and this was well known in Ukraine. European armed forces also need to replenish their stocks of artillery ammunition. We are ready for this and are already working on it," said Rheinmetall CEO Armin Papperger.