Rheinmetall Pays Over 1.5 Billion Euros for Lürssen’s Naval Division, Including Blohm+Voss
Hamburg, March 11 – Defense technology group Rheinmetall has completed the acquisition of the naval division of the Bremen-based Lürssen Group, which includes the renowned Hamburg shipyard Blohm+Voss. The company has now disclosed for the first time the purchase price for the transaction, revealing an initial payment exceeding 1.5 billion euros.
The so-called NVL Group comprises four shipyards, with two locations in Hamburg, additional shipyards in Northern Germany, and international sites. Approximately 2,100 employees work for the group in total. While Rheinmetall and the Lürssen Group initially agreed to keep the purchase price confidential, Rheinmetall’s current annual report now reveals the sum. According to the report, the group initially paid around 1.515 billion euros for the takeover. The final purchase price is not yet definitively set, as adjustments are possible, for example, once the NVL Group’s final balance sheet at the time of the acquisition is available.
Rheinmetall Aims for Significant Expansion in Marine Business
With this acquisition, Rheinmetall intends to significantly expand its marine business. CEO Armin Papperger anticipates a demand of more than 80 billion euros in the naval sector in Germany alone in the coming years. Papperger does not rule out further acquisitions in the shipyard sector, mentioning the Kiel-based German Naval shipyard as a potential target when asked.
Positive Outlook for Blohm+Voss, Says Rheinmetall CEO
Armin Papperger, CEO of the defense group Rheinmetall, foresees a promising future for the shipyards in Hamburg following the company’s entry into the marine business.
IG Metall Demands Excess Profit Tax for Defense Companies
In light of the substantial profits made by defense companies, Daniel Friedrich, head of IG Metall Küste, is calling for a special tax on these earnings.
Rheinmetall Takes Over Several North German Shipyards
The defense group is purchasing the naval division of the Lürssen Group, which, in addition to Blohm+Voss and Norderwerft, also includes shipyards in Mecklenburg-Vorpommern and Lower Saxony.
Why Rheinmetall Is Now Building Ships
Rheinmetall manufactures tanks, ammunition, and anti-aircraft systems but has not previously built naval vessels. This changes with the acquisition of several shipyards. Detlev Landmesser explores the strategic rationale behind this move.
This topic was broadcast on NDR 90.3 | NDR 90.3 Aktuell | March 11, 2026 | 3:00 PM.
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Source: NDR.de
