Germany has placed an order worth 1.087 billion euros ($1.20 billion) for a further 50 Puma infantry fighting vehicles with Rheinmetall and Krauss-Maffei Wegmann (KMW), the Frankfurt-listed German arms maker said on Monday.
Rheinmetall said 574 million euros will go to KMW and 501 million euros to Rheinmetall Landsysteme GmbH, both of which are serving as subcontractors in the project.
Germany's parliamentary budget committee approved the purchase last week to ramp up defence spending in response to Russia's invasion of Ukraine.
The Puma, built by KMW and Rheinmetall, is gradually replacing Germany's old Marder infantry fighting vehicles.
Delivery is set to start in December 2025 and be complete by the beginning of 2027, the group said.
Rheinmetall shares were up 1.5% as of 0720 GMT. ($1 = 0.9084 euros) (Reporting by Bartosz Dabrowski in Gdansk, Editing by Rachel More)