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Germany Buys Back Army Maintenance Stakes, FT Deutschland Says

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Aug. 14 (Bloomberg) -- Germany’s Defense Ministry plans to buy back a 51 percent stake in an army maintenance company it sold to private investors seven years ago, Financial Times Deutschland reported, citing the government.

The decision marks the end of one of the biggest privatization efforts of the Germany military, according to the newspaper.

The stake in HIL Heeresinstandsetzungslogistik GmbH is held by Krauss-Maffei Wegmann GmbH, Rheinmetall AG and Diehl Group. The ministry owns the other 49 percent, the newspaper said.

The company handles the repair and maintenance of about 7,000 armored vehicles and had almost 200 million euros in revenue last year and 1.8 billion euros in contracts since 2005, the newspaper said.

To contact the reporter on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@Bloomberg.net.

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