July 22, 2020 | International, Naval
July 16, 2020 - Singapore Technologies Engineering Ltd (ST Engineering) today 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. 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 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.
ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. With more than 500 smart city projects across 70 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 $6.7b in FY2018 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, SGX ESG Transparency Index and SGX ESG Leaders Index. For more information, visit stengg.com.
View source version on Israel Aerospace Industries Ltd (IAI): https://www.iai.co.il/st-engineering-and-iai-advanced-naval-missile-systems
January 23, 2024 | International, C4ISR
On Tuesday (23 January 2024), Secretary General Jens Stoltenberg and General Manager of the NATO Support and Procurement Agency (NSPA) Stacy Cummings concluded contracts for the purchase of around 220,000 155-millimetre artillery shells worth 1.2 billion US dollars.
October 30, 2023 | International, Aerospace
EU antitrust regulators said on Monday they cleared Hitachi's 1.7-billion-euro ($1.80 billion) bid for Thales' GTS railway signalling business on condition the Japanese company sells assets in France and Germany, as it offered to do so.
May 31, 2019 | International, Naval
By: Aaron Mehta WASHINGTON — Lockheed Martin has decided not to submit a version of its Freedom-class littoral combat ship for the Navy's next-gen frigate design competition. The contractor's move to abandon its bid to become the prime contractors on the FFG(X) deal leaves four rivals in the running — Huntington Ingalls Industries, Austal USA, Fincantieri and General Dynamics Bath Iron Works. But the world's largest defense firm still intends to bid on capabilities involved in the FFG(X). “After careful review, we have decided to focus our attention on the FFG(X) combat system, delivering Lockheed Martin technologies such as the Aegis-derived weapon system, MK 41 Vertical Launching System, anti-submarine warfare processing, and advanced electronic warfare,” the company said in a statement released late Tuesday. “We will continue to serve as a shipbuilder for the U.S. Navy, and we're exploring opportunities including unmanned surface vessels and the large surface combatant.” The news was first reported by USNI on Tuesday. The FFG(X) grew out of a 2014 requirement for an up-gunned frigate that could survive brutal combat at sea, a problem critics raise about the LCS, a vessel that was developed for sneaky missions near shorelines. The goal of the new frigate design is to both integrate with, and complement, the carrier strike group and operate as a distributed node in a sensor network, officials say. Planned capabilities include anti-surface warfare, anti-submarine warfare, electromagnetic maneuver warfare and air warfare. The Navy asked for $1.3 billion for the first FFG(X) hull in 2020 but estimates each subsequent frigate will run closer to $800 million. David B. Larter in Scotland contributed to this story https://www.defensenews.com/naval/2019/05/29/lockheed-declines-to-bid-for-ffgx-design