By Kim Richters

Germany's Rheinmetall AG (RHM.XE) said Monday that it has founded a joint venture with the U.K.'s BAE Systems PLC (BA.LN) that will focus on military-vehicle development and manufacturing.

The joint venture, Rheinmetall BAE Systems Land, will play a central role in producing infantry vehicles for the British Army as well as other strategic combat vehicles programs, the German defense-and-technology company said.

Rheinmetall said the joint venture, based in Telford, England, will secure about 450 jobs.

Peter Hardisty, previously managing director of Rheinmetall MAN Military Vehicles UK, will lead the new company as chief executive. BAE Systems' Carrie White serves as chief financial officer and Phil Simon as head of operations.

Rheinmetall initially announced the plans for the joint venture in January, but they were subject to regulatory approvals.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

July 01, 2019 06:47 ET (10:47 GMT)

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