Rheinmetall projects $346 million naval loss after F126 frigate cancellation
The loss was a blow to Rheinmetall's new naval ambitions, but the rest of the European giant saw a large rise in revenue.
The loss was a blow to Rheinmetall's new naval ambitions, but the rest of the European giant saw a large rise in revenue.
The German GMF 140 is envisioned to integrate US-sourced radar options, hypersonic weapons and ballistic missiles, the AEGIS Combat System, and 64 Strike-Length Vertical Launch System cells.
The Italian prime minister said the deal is a "recognition of Italian defense industry but also of how Europe can reinforce its autonomy by investing in its own technological capacity and companies."
Germany wants to purchase eight MEKO frigates to conduct anti-submarine warfare and satisfy NATO requirements instead.
Speaking to Breaking Defense, Pål Jonson signaled that defense cooperation between Sweden and the US has not been impacted by recent political tensions.
Navy Secretary John Phelan recently told attendees at a private dinner that the new frigate would be a modified National Security Cutter, sources told Breaking Defense.
“This is going to be devastating for [Fincantieri’s] workforce. They invested heavily buying the yard in 2009 and invested a lot to win the frigate class competition,” one analyst told Breaking Defense.
A selection of images from on the ground at DSEI Japan.
“The question is, are we at a point where we either quickly recover and get back on track with this? ... Or do you say maybe we're too far along with this and we go in a different direction?" said Rep. Rob Wittman.
Vard recently hosted a high-level defense ministry tour, but it faces competition from other internationally renowned shipbuilders, including the UK's BAE Systems, France's Naval Group and Damen Group from the Netherlands.
With emphasis on frigates and subs, the plan "represents a historic boost in defence spending, and involves a significant strengthening of all branches of the Armed Forces," said Prime Minister Jonas Gahr Støre.
Fincantieri CEO Pierroberto Folgiero told Breaking Defense the modularity approach shortens production time against a general frigate market trend of 40 months, and he “strongly believes” Saudi Arabia stands as a key “addressable market” to secure a future FCx30 sale.
The Lucky Country’s national audit office says the Department of Defence didn’t follow proper protocol in making the multi-billion-dollar selection.
The PNS Babur is the first of four corvettes being built for the Pakistani Navy by Turkish shipbuilders.