The largest European arms manufacturer Rheinmetall plans to open an ammunition production plant in Ukraine, the company’s press service reports.

"Six-digit number of 155mm caliber bullets to be produced per year, including propelling charges. Rheinmetall with a 51% stake in the JV, 49% held by a Ukrainian partner company," the company reported on the X social network.

"The memorandum of understanding to set up a JV has been signed in the presence of Oleksandr Kamyshin, Ukrainian Minister for Strategic Industries, and Ambassador of Ukraine to Germany Oleksii Makeiev during the Munich Security Conference," the report says.