(Bloomberg) -- Rheinmetall AG received an €8.5 billion ($9.1 billion) order to deliver artillery ammunition to the German army, the biggest contract in the company’s history, as governments race to stock up and support Ukraine’s defense campaign against Russia’s invasion. 

The order consists of 155 millimeter caliber projectiles in different versions, with delivery set to commence next year, according to a statement Thursday by the defense contractor. Germany will be the prime buyer of the ammunition and will supply Ukraine with some of the stock, while the Netherlands, Estonia and Denmark will also participate in the order, Rheinmetall said. 

Rheinmetall shares rose as much as 1.8% after the announcement of the agreement. The stock is among the best performers in Germany, having gained about 71% since the start of the year. That adds to a gain of 54% over the course of 2023, after the stock more than doubled in value in 2022, the year when Russia’s invasion put Europe’s defense capabilities into greater focus. 

The company said it will produce components of the ammunition in Germany, including the projectile, the fuse, the explosive charge as well as the propellant charge, aiming for 100,000 projectiles from the second year of production and then eventually doubling capacity from there. 

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