During the NATO Summit Defense Industry Forum, Lockheed Martin (NYSE:LMT) and Rheinmetall announced the signing of a memorandum of understanding (MOU) that addresses the immediate demand for locally produced munitions in Europe.

With the support of the United States and German governments, the agreement marks the next step toward establishing a joint venture to create the first European centre of excellence for the manufacturing, integration and distribution of ATACMS across NATO and allied European forces.