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☆ Russia’s invasion of Ukraine sparked a defense boom. It’s likely to outlast the war
▼ + stars: | 2024-02-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

“While some Ukraine-related orders are starting to come through, restocking and the impact of ongoing defense spending increases will be evident further down the line,” he noted. ‘Era of insecurity’Continued US military support for Ukraine on the scale of the past two years is looking increasingly unlikely. But the pressure on Western governments to beef up their military coffers will outlast the Ukraine war, analysts say, and it started to rise even before Moscow sent its troops marching toward Kyiv two years ago. The febrile global environment has helped lift the shares of Renk, a newly-listed German maker of military tank gearboxes, including those donated by Berlin to Ukraine. And this appeal is unlikely to fade soon, given growing defense spending by governments.

Persons: Lockheed Martin, That’s, Jens Stoltenberg, ” Trevor Taylor, Russia wouldn’t, Micael Johansson, Johansson, “, Charles Woodburn, ”, House Republicans —, Donald Trump, Moscow, Oli Scarff, Trump, Joe Biden, Houthi, It’s, Susanne Wiegand, Myles Walton, Sweden’s, … Organizations: London CNN, Russia, Kyiv, BAE Systems, Thales, Rheinmetall, Lockheed, Northrop Grumman, Atlantic Treaty Organization, NATO, Royal United Services Institute, CNN, Saab, Ukraine, House Republicans, Republican, Kiel Institute, European Union, Getty, International Institute, Strategic, Renk, Reuters, New, Wolfe Research, Sweden’s Saab Locations: Ukraine, Moscow, United States, Canada, Russia, London, Europe, Swedish, Poland, Kyiv, Congress, German, European, Newcastle, Tyne, England, AFP, Beijing, Taiwan, China, Israel, Red, Berlin, Frankfurt, Gaza, New York

☆ Renk makes debut on Frankfurt exchange
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Susanne Wiegand, the CEO of Renk, speaks to CNBC's Annette Weisbach as the company goes public in Frankfurt Wednesday.

Persons: Susanne Wiegand, CNBC's Annette Weisbach Organizations: Renk Locations: Frankfurt

That was until this week, when the company decided to pull its listing in the final hours of Wednesday, blaming market conditions. In the coming weeks, a string of European companies are slated to come to market. Among them is CVC Capital Partners, which is still planning a November listing depending on market conditions, a person with knowledge of the matter told Reuters. However, the fate of Renk highlights the challenges facing new issuers, exacerbated by a recent bout of volatility in equity and debt markets. On Thursday it was trading around its opening IPO price at 30 euros, still above its issue price, a positive sign.

Persons: Andreas Bernstorff, Germany's DAX, Susanne Wiegand, Schott, Perfumery, Douglas, Emma, Victoria Farr, Pablo Mayo Cerqueiro, Alexander Huebner, Anousha Sakoui Organizations: Capital Partners, Reuters, Equity Capital Markets, BNP, Renk, Rheinmetall, Schott Pharma, DKV, CVC Capital Partners, Paris bourse, Thomson Locations: FRANKFURT, LONDON, Frankfurt, U.S, Europe, East, Africa, European, Germany, York, Lincoln

☆ German defense contractor postpones IPO on eve of debut
▼ + stars: | 2023-10-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

German defense contractor Renk on late Wednesday announced it would indefinitely postpone its initial public offering on the Frankfurt Stock Exchange scheduled for the following morning. "In the past days, the market environment has clouded noticeably," the company said in a statement, providing no further details. Shares were set to be offered in a price range between 15 euros ($15.77) and 18 euros, with a total placement volume between 405 million and 486 million euros. It reported an increase in audited gross profit from 124.5 million euros to 164.8 million euros in the fiscal year ending on Dec. 31 2022. European bourses had a mixed first half of the year, with funds raised through listings on the Paris Stock Exchange plunging 92%, while the London Stock Exchange held steady.

Persons: Renk, Susanne Wiegand, bourses, Susannah Streeter, Hargreaves Lansdown Organizations: Frankfurt Stock Exchange, CNBC, Triton, Reuters, Paris Stock Exchange, London Stock Exchange, Schott Pharma, Hargreaves Locations: Augsburg, Germany, Ukraine, Frankfurt

☆ German firm sees U.S. getting lion's share of 100 bln euro military fund
▼ + stars: | 2023-07-04 | by ( Alexander Hübner | ) www.reuters.com time to read: +2 min

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 Volkswagen (VOWG_p.DE), is global leader in the production of gear boxes for tanks including the Leopard 2. The 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. Renk has booked orders totalling of 3.9 billion euros ($4.3 billion), including framework contracts, according to the CEO. Bankers estimate Renk's value to be around 2.5 billion euros in case of an IPO.

Persons: Berlin, Susanne Wiegand, embargoed, Wiegand, Triton, Renk, Alexander Hübner, Sabine Siebold, Rachel More, David Holmes Organizations: Renk, Volkswagen, VW, Bankers, Thomson Locations: MUNICH, U.S, Munich, Berlin, Germany, Bavarian, Augsburg

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