The purchase of the Michigan-based supplier "expands the group's business with the US military" and "increases its industrial base in the USA", Rheinmetall said in a statement.
Loc Performance, which has around a thousand employees, makes drivetrains, suspensions, track systems, armour products and structures for vehicle platforms.
Its products are used for military equipment as well as in industries such as agriculture, construction and mining.
The acquisition comes as Rheinmetall is targeting high-volume major orders for US army vehicle programmes worth more than $60 billion (55 billion euros).
Rheinmetall said it was one of two remaining groups in the prototype phase for the XM30 programme to build a new generation of infantry fighting vehicles, and was also competing for a Common Tactical Truck (CTT) contract for around 40,000 trucks.
Rheinmetall said the acquisition of Loc Performance would bring "considerable benefits" for its American and global businesses.
Loc's "experienced workforce with a high level of technical expertise -- including in the maintenance, repair and combat enhancement of military combat vehicles -- will be integrated into Rheinmetall's internal supply chains", it added.
Rheinmetall has seen demand soar as countries rush to re-arm in the wake of Russia's 2022 invasion of Ukraine.
As well as setting up a new host of factories, Rheinmetall has said it is targeting a record 10 billion euros in sales this year.
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