As FOB had forecast two days ago, Stéphane Mayer and Frank Haun will be the co-CEOs of the Newco joint venture between France’s Nexter and Germany’s KMW. The French ministries of the economy and defence confirmed these nominations mid-afternoon on 11th December.
The ministries also confirmed that Stéphane Mayer would become the new CEO of Nexter Systems effective from 15th December, the same day that the joint venture is finalised.
With a turnover of around €1.6 to €2bn, an order book of €9bn and 6,000 employees Newco will be the world’s third largest land-defence group in terms of turnover behind General Dynamics and BAE Systems. The joint venture project was known by its code name KANT (Krauss-Maffei Wegmann and Nexter Together).