ST Engineering, Israel Aerospace Industries set up JV in Singapore

Both companies signed an agreement to market advanced naval missile systems.

Singapore Technologies Engineering’s (ST Engineering) land systems arm has signed an agreement with Israel Aerospace Industries (IAI) to set up a joint venture company (JV) in Singapore, according to an announcement.

The JV, named Proteus Advanced Systems, 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 and IAI will each have 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.