Rheinmetall Agrees to Sell Small-Piston Unit to Comitans Capital

German defense firm Rheinmetall AG agreed to sell its small-bore piston-making operations to newcomer private equity firm Comitans Capital, slashing its exposure to combustion engine-related automotive business.

“The final phase-out of piston production continues Rheinmetall’s strategic realignment,” Rheinmetall Chief Executive Officer Armin Papperger said in a statement, adding the company will focus on innovative solutions for customers in the military and civilian sectors, especially in alternative drive technologies and hydrogen technology.

Kolbenschmidt Pistons, as the business is called, has about €700 million ($768 million) in annual revenue with 3,650 employees. It produces pistons for passenger cars and light commercial vehicles ...