Israeli investment firm Aurelius Capital and Germany's Lower Saxony state agreed on Monday to take over Volkswagen's Osnabruck plant and repurpose it for defense production, the automaker said. The agreement comes days after Volkswagen unveiled its biggest-ever turnaround plan.
"As an initial anchor project, Aurelius and the State of Lower Saxony are planning to cooperate with Rafael Advanced Defense Systems. These plans involve the potential manufacture of systems and components for air defense systems for Germany and Europe," the press release said.
Under a joint statement of intent, Aurelius will become the majority owner alongside Lower Saxony, Volkswagen's second-largest shareholder. The deal could pave the way for the production of components for Israel's Iron Dome air-defense system in Germany, according to reports.
https://breakingthenews.net/Article/Israeli-investor-German-state-to-take-over-VW-plant/67056699
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