RENK is continuing to expand its presence in the USA and is investing heavily in the state of Michigan. This involves a three-digit million amount.
• RENK will invest a total of $150 million in Michigan by 2030
• Up to 270 new jobs planned
• Armaments environment recently supported by NATO orders
RENK is specifically expanding its US location
A current press release shows that RENK Group AG is significantly expanding its investments in the US state of Michigan. Together with Michigan Governor Gretchen Whitmer, CEO Alexander Sagel announced that the group will invest a total of $70 million in fixed assets and $80 million in research and development between 2024 and 2030.
According to RENK, this underlines its long-term commitment to the United States. According to the statement, Whitmer emphasized that the investments not only strengthened Michigan’s industrial base, but also made an important contribution to US national security.
Up to 270 new jobs planned
The investment offensive is expected to create up to 270 new jobs. The US subsidiaries RENK America and Horstman already employ more than 540 people in Muskegon, Sterling Heights and Roseville. In total, the group operates five wholly owned subsidiaries in the USA in Michigan, Indiana, Ohio and South Carolina with more than 700 skilled workers.
The company is also exploring additional merger and acquisition opportunities in the state, according to CEO Sagel. This suggests that RENK wants to strategically expand its US presence. The focus is particularly on drive technology and mobility systems for military applications.
Strong armaments environment as a tailwind
The investments come at a time of sustained high demand in the defense sector. Most recently, a major NATO order for Rheinmetall also gave other German arms stocks a boost. RENK rose by 1.11 percent to 57.54 euros on XETRA on Friday. Profits were recorded on Monday: on XETRA it ultimately rose 2.61 percent to 59.04 euros.
Editorial team finanzen.net
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