VILNIUS, Dec. 30 (Xinhua) -- German arms manufacturer Rheinmetall and two Lithuanian companies have finalized a joint venture deal for a 155 mm artillery ammunition plant in Baisogala, a small town in northern Lithuania, the Baltic News Service (BNS) reported on Monday.
The 260-million-euro (270.4 million U.S. dollars) project will be implemented in cooperation with state-owned Epso-G Invest, a subsidiary of energy group Epso-G, and Giraites Ginkluotes Gamykla (GGG). The final agreement was signed remotely on December 20.
Rheinmetall will hold a 51 percent stake in the newly formed Rheinmetall Defense Lithuania, while Epso-G Invest will control 48 percent. GGG will have a 1 percent share, Epso-G's representative Gediminas Petrauskas told BNS.
While the exact contributions of each partner were not disclosed, BNS estimated that Rheinmetall will invest at least 133 million euros, Epso-G Invest around 125 million euros, and GGG about 2.6 million euros.
According to Petrauskas, construction of the plant is expected to be completed by the end of 2026. (1 euro = 1.04 U.S. dollars) ■
