German listed firm Rheinmetall is the majority shareholder of Denel Munitions (more about that here) and this news makes one wonder whether Denel technology might have helped Rheinmetall to catch the fish…

Rheinmetall AG, the listed German company holding the majority share in Denel Munitions, released its annual results for 2008 earlier this week.

Thanks to a strong performance by the division Rheinmetall Defence, one of Europe’s biggest suppliers of land forces weaponry and the division to which Denel Munitions belongs, the group’s annual results contained no nasty surprises.  

Rheinmetall Automotive, the other division in the company, had a less enjoyable time. 

While sales of the division Defence rose 3%, it dropped 9% in the division Automotive, enabling Defence to increase its share of group sales from 44% to 47%. 

“Our defence business is independent of general economic conditions, which pushes us over difficult situations. Therefore, we will push ahead with the internationalisation and growth of Defence,” said CEO Klaus Eberhardt.  

In short, good news for Denel HQ from Germany.