Record year for major German arms manufacturer

(Patria) - German arms manufacturer Rheinmetall had a record 2022 and is approaching orders worth 30 billion euros, said CEO Armin Papperger in an interview for Reuters.

"In 2022, we had a very good year, a record year," he said, adding that the fourth quarter would even surpass the good results of the third quarter.

"We are approaching orders of 30 billion euros, and I expect to see orders of 40 billion euros next year," said the CEO of the company, which sells a range of defense products, but is probably best known for supplying the 120mm cannon for the Leopard 2 tank.

Papperger said he expects growth of at least 15% to 20% in Rheinmetall's defense division in the coming years, with the civilian business likely to account for only 20% of sales in 2025.

Rheinmetall expects sales to grow to 11 to 12 billion euros in 2025.