Singapore Technologies Engineering Ltd (ST Engineering) announced that its land systems arm has signed an agreement with Israel Aerospace Industries Ltd (IAI) to set up a joint venture company (JV) in Singapore, with ST Engineering and IAI each having a 50% share. The setup of this 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. 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.
ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 23,000 people across offices in Asia, Europe, the Middle East and the U.S., serving customers in the defence, government and commercial segments in more than 100 countries. With more than 700 smart city projects across 130 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange.
Israel Aerospace Industries (IAI) is Israel’s major aerospace and aviation manufacturer, producing aerial and astronautic systems for both military and civilian usage. IAI is completely state-owned by the government of Israel. IAI designs, develops, produces and maintains civil aircraft, drones, fighter aircraft, missile, avionics, and space-based systems. Although IAI’s main focus is engineering, aviation and high-tech electronics, it also manufactures military systems for ground and naval forces. Many of these products are specially suited for the Israel Defense Forces (IDF) needs, while others are also marketed to foreign militaries.