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Nexter Systems and Krauss-Maffei Wegmann, two of Europe's leading manufacturers of military land defence systems have agreed to merge into one joint holding company. The alliance of the two groups under the umbrella of a joint holding company creates a Franco-German defence technology group with a current annual turnover nearing 2 billion euro, an order book of around 9 billion euro and more than 6,000 employees. "The alliance of KMW and Nexter creates a group with the momentum and innovative force required to succeed and prosper in international competition." In addition, it offers its European and NATO customers the opportunity of increased standardisation and interoperability for their defence equipment, with a dependable industrial base.