Lockheed Martin (LMT) and Rheinmetall said Wednesday that they have agreed to expand their existing cooperation to build a European center of excellence for the manufacturing and distribution of various rockets and missiles.

The companies said the center, which will be led by Rheinmetall, will be based in Germany and mainly operate in Germany and other European countries.

Lockheed Martin and Rheinmetall said they have started working together to identify the best method to build the center.

The project will be subject to the US and German governments' approval, according to a statement. No financial details were disclosed.

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