Tank manufacturer KNDS to invest over €1 billion in Germany

Franco-German tank manufacturer KNDS is planning to invest heavily in Germany in order to expand production, the company's boss said on Thursday.

In the past three years, production capacity has already been tripled, said KNDS Managing Director Jean-Paul Alary, touting planned investments totalling more than €1 billion ($1.2 billion).

Alary confirmed plans for a dual IPO in Paris and Frankfurt this year, saying the exact timing would depend on market conditions.

KNDS makes weapons systems such as the Leopard 2 main battle tank and the 2000 self-propelled howitzer. The company was formed through a merger of Germany's Krauss-Maffei Wegmann and French company Nexter.

KNDS is currently owned by the German family behind Krauss-Maffei Wegmann and the French government.

Alary said that KNDS will continue specializing in land systems and aims to supply the armed forces of European allies and partners.

Currently, 24 European armed forces use KNDS weapon systems.