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Is this the beginning of European land consolidation?

2nd July 2014 - 10:19 GMT | by Tim Fish in London

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French military vehicles manufacturer Nexter and the German armaments producer KMW have signed an agreement to create a joint holding company.

The two industrial giants signed the agreement on 1 July and the result will be the creation of a Franco-German technology group with an annual turnover of more than €2 billion.

The alliance project is expected to start in 2015 following regulatory approval.

In a statement, the companies said that they viewed this step as ‘decisive for the consolidation of the defence technology industry in Europe’ and that the alliance ‘creates a group with the momentum and innovative force

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