By Mauro Orru
Lockheed Martin and German arms maker Rheinmetall said they had agreed to move forward with the development of American missiles in Europe.
The companies said Tuesday that they had signed a memorandum of understanding to establish a joint venture for the production and distribution of ATACMS missiles across members of the North Atlantic Treaty Organization and allied European forces.
"Bringing ATACMS co-production to Germany is a strong signal for Europe's defense industry and for NATO's long-term resilience," Dennis Goege, chief executive for Europe at Lockheed Martin, said.
The announcement comes at the start of a NATO summit in Turkey, months after Rheinmetall Chief Executive Officer Armin Papperger said progress on forming a partnership with Lockheed Martin to produce rockets and missiles in Germany was going slower than desired.
Write to Mauro Orru at mauro.orru@wsj.com