Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm has signed an agreement with Israel Aerospace Industries (IAI) to set up a joint venture company in Singapore. ST Engineering and IAI shall each hold a 50% share of the JV.
The JV, named Proteus Advanced Systems Pte Ltd, will leverage the strengths and track record of its parent companies to market and sell advanced naval missile systems, including a next generation anti-ship missile system.
The setup of the JV is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
ST Engineering is a global technology, defense and engineering group specializing in the aerospace, electronics, land systems and marine sectors. The group headquartered in Singapore employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defense, government and commercial segments in more than 100 countries.
IAI is Israel’s largest aerospace and defense company and a globally recognized technology and innovation leader, specializing in developing and manufacturing advanced, state-of-the-art systems for air, space, sea, land, cyber and homeland security. Since 1953, the company has provided advanced technology solutions to government and commercial customers worldwide including: satellites, missiles, weapon systems and munitions, unmanned and robotic systems, radars, C4ISR and more. IAI also designs and manufactures business jets and aerostructures, performs overhaul and maintenance on commercial aircraft and converts passenger aircraft to refueling and cargo configurations.