John Cockerill Set to Purchase Arquus for $327 Million
The company is targeting an annual turnover of $1.1 billion with this acquisition
Eyal Boguslavsky
| 23/01/2024
Photo: Arquus website
Belgian company John Cockerill Group, a major supplier of light tank turrets, firing, and simulation systems, is set to acquire Arquus, a major French military vehicle manufacturer, from current owner Volvo Group for $327 million.
According to a statement issued by Volvo, these consultations are expected to be finalized by the end of March.
John Cockerill's CEO François Michel said that “the expected acquisition of Arquus by John Cockerill is a transformative step for the European defense sector in the field of light tanks. The combined offer of light tank turrets and vehicles from John Cockerill Defense and Arquus will generate important synergies that will result in more innovative and more competitive vehicles to equip land forces around the world, starting in Belgium, France, and other partner countries.”
John Cockerill says it is targeting an annual turnover of $1.1 billion with this acquisition. The company said the group’s defense unit will employ some 2,000 people and have major operation bases in Belgium, France, Italy, India, and Saudi Arabia. With over 6,000 employees spread over 24 countries on five continents, its revenues in 2022 amounted to €1.046 billion ($1.14 billion), the company said.
The company is targeting an annual turnover of $1.1 billion with this acquisition
Photo: Arquus website
Belgian company John Cockerill Group, a major supplier of light tank turrets, firing, and simulation systems, is set to acquire Arquus, a major French military vehicle manufacturer, from current owner Volvo Group for $327 million.
According to a statement issued by Volvo, these consultations are expected to be finalized by the end of March.
John Cockerill's CEO François Michel said that “the expected acquisition of Arquus by John Cockerill is a transformative step for the European defense sector in the field of light tanks. The combined offer of light tank turrets and vehicles from John Cockerill Defense and Arquus will generate important synergies that will result in more innovative and more competitive vehicles to equip land forces around the world, starting in Belgium, France, and other partner countries.”
John Cockerill says it is targeting an annual turnover of $1.1 billion with this acquisition. The company said the group’s defense unit will employ some 2,000 people and have major operation bases in Belgium, France, Italy, India, and Saudi Arabia. With over 6,000 employees spread over 24 countries on five continents, its revenues in 2022 amounted to €1.046 billion ($1.14 billion), the company said.
