Volkswagen Finds Defence Future for German Plant Amid Major Overhaul
- On Monday, the German state of Lower Saxony, Rafael Advanced Defense Systems, and Aurelius Capital signed a letter of intent to purchase Volkswagen's Osnabrück plant, establishing a center for producing Iron Dome support systems and military equipment.
- Qatar, Volkswagen's largest foreign shareholder, blocked the original cooperation proposal, prompting the shift to a full purchase of the site by the new partners.
- The Osnabrück plant currently employs 2,300 people producing Porsche and Volkswagen models; while the Iron Dome's Tamir interceptor will not be manufactured there, Rafael will produce military vehicles, launchers, and generators.
- Minister-President of Lower Saxony Olaf Lies stated the partnership creates "realistic opportunities for long-term, highly skilled employment" at the facility, noting that Germany's security environment has changed fundamentally.
- Rafael President Yoav Tourgeman noted the partnership aims to "protect Germany and Europe," adding that the technology is designed for defense of "today, tomorrow, and well beyond" to ensure reliable security.
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Volkswagen has reached an agreement to sell the Osnabrück plant. Investment company Aurelius Capital and the state of Lower Saxony want to convert the site into a center for security and defense technology. This should secure the future of the factory and fourteen hundred jobs.
Volkswagen has reached a preliminary agreement with Israeli investment group Aurelius Capital to convert its Osnabrück factory to produce military equipment, with the participation of Israel's Rafael Advanced Defense Systems. The transaction solves a key element of the automaker's restructuring plans and offers a future for the plant, which was doomed to close, Bloomberg reports.
German car giant Volkswagen said on Monday that one of its factories will be converted to produce defense equipment for Israeli concern Rafael after the plant stops producing cars next year.
VW, Land Niedersachsen and investor Aurelius are planning to sell the Osnabrücker plant. Iron dome manufacturer Rafael is to become a new partner.
An Israeli investor is taking over VW's unsustainable Osnabrück plant, where the Iron Dome manufacturer's air defense systems are now to be produced. Most of the employees can remain.
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