Renk Gears Up for Germany’s Promised Military Spending Spree
- CEO says firm grew workforce by 13% in 2022, ahead of orders
- Analysts see large military orders coming in this year
Leopard 2 tanks during exercises in Poland.
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
Military gearbox maker Renk AG has expanded its workforce and increased production on the expectation that Germany’s pledge to increase defense spending will boost sales in coming years.
Renk, which manufactures components for the German Leopard 2 and French Leclerc tanks, grew its workforce by 13% last year in anticipation of the government’s €100 billion ($106 billion) special fund to modernize the armed forces, Chief Executive Officer Susanne Wiegand said in an interview.