Military vehicle company Loc Performance acquired by Rheinmetall
NewsAugust 15, 2024
PLYMOUTH, Michigan. Rheinmetall Group will acquire Loc Performance Products, a Michigan-based vehicle specialist, to strengthen its core business in military vehicles and expand its footprint in the U.S. defense market, the company announced in a statement.
The acquisition, valued at approximately $950 million, is expected to enhance Rheinmetall’s industrial base in the U.S. and position the company more favorably in securing high-volume contracts with the U.S. military, including the XM30 infantry fighting vehicle program and the Common Tactical Truck (CTT) program, the statement reads.
Loc Performance, with around 1,000 employees and significant sales growth, will integrate into Rheinmetall’s supply chains, contributing to its U.S. military vehicle business managed by American Rheinmetall Vehicles in Sterling Heights, Michigan. The transaction is subject to regulatory approvals, the company says.
