German tank-parts maker Renk reported an all-time high number of orders as its chief executive called for sustainability-minded investors to embrace companies that defended a “peaceful, democratic, free world” if they wanted to meet climate targets.
The Bavarian manufacturer of gearboxes and transmissions for tanks and frigates, which counts on military applications for 70 per cent of its revenues, said orders increased almost a third to €1.3bn in 2023, bringing its total order backlog to €4.6bn.
The company’s shares have almost doubled since it listed on the Frankfurt stock exchange in February as investors warmed to the defence industry following the outbreak of ground wars in Ukraine and the Middle East.
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