European defense giant Rheinmetall will produce ammunition and gunpowder in Bulgaria.

European defense giant Rheinmetall said on Tuesday that the company plans to establish two joint ventures in Bulgaria, with a total investment of over 1 billion euros, to produce ammunition and 155mm artillery shells. After the Russia-Ukraine conflict broke out, Europe has been working on improving its defense capabilities, and Rheinmetall is one of the biggest beneficiaries. In a statement, Rheinmetall said, "We are pleased with Bulgaria's trust in us, and we will be a reliable and efficient partner for the country." "Once the contracts are signed, we will provide further details," the company added.