Pete,
I can't make out the second word. I have tried to enhance the image but it is still too blurry. What I can read says "United ???? for Military Leather Items". The G.M.B.H. is "Gesellschaft mit beschr�¤nkter Haftung" which is roughly an industrial organization with limited liability.
Bob got it...his eyes are better than mine!

I thought the first letter was a "G" so I never would have guessed Fabrikanten