(Reuters) -Tank gearbox maker Renk aims to nearly triple its revenue by 2030 as part of a new strategy unveiled at its capital markets day on Thursday.
The Bavaria-based firm said it was targeting consolidated revenue excluding mergers and acquisitions within a range of 2.8 billion to 3.2 billion euros ($3.2 billion to $3.6 billion) in 2030.
The financial goal echoes that of Rheinmetall, which said on Tuesday it targeted a fivefold rise in its sales by 2030 driven by Europe’s renewed interest in defence.
“The share of our defence business in the company’s total revenue will increase accordingly to around 90 percent by 2030,” Renk CEO Alexander Sagel said in a statement.
European defence firms have seen their stocks and order books increase as European countries invest in their militaries to deal with the threat posed by Russia after it invaded Ukraine in early 2022.
($1 = 0.8681 euros)
(Reporting by Tristan Veyet in Gdansk, editing by Milla Nissi-Prussak)
