Up to half of the 100 billion euro ($109 billion) special fund set up to modernize the German military will likely go to U.S. defence companies, a leading tank gear box maker said, accusing Berlin of lacking a strategy for its defence industry.
"I don't believe that much of the money will be left over for the German industry," Susanne Wiegand, chief executive of Renk Group, told reporters in Munich, adding the government in Berlin did not realise the strategic importance of the defence industry.
Wiegand called on the government to use the 100 billion euro fund not only to plug short-term gaps in the German military's inventories but also to help develop technologies of the future.Renk, formerly a subsidiary of VolkswagenThe company, situated in the Bavarian town of Augsburg, makes about 70% of its sales from gear boxes for tanks and navy ships, the rest with gear boxes for civilian purposes such as compressors.
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