Singapore Technologies Engineering Ltd (ST Engineering) today announced that it’s land systems arm has signed an agreement with Israel Aerospace Industries Ltd (IAI) to set up a joint venture company (JV) 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 5 GEN anti-ship missile system called ‘Blue Spear’.
The South-East Asia region and, specifically Singapore, is considered a rapidly growing market for submarines and naval vessels. The JV addresses this potential with mature products that can be adapted to meet specific customer needs. READ THE REST OF THE INTERESTING STORY HERE