IAI and Singapore Technologies Engineering will establish a joint venture for marketing marine missile systems

IAI and Singapore Technologies Engineering Ltd (ST Engineering) of Singapore announced today that they have signed an agreement to establish a joint venture in Singapore. Each of the companies will hold 50% of the company's value.
The new company, Proteus Advanced Systems, will leverage the many years of experience, strengths and capabilities of parent companies in the marketing and sale of marine missile systems, including the next generation of anti-ship missile systems.
ST Engineering, based in Singapore, operates worldwide and specializes in the worlds of aerospace, electronics, land and sea. The group employs about 22,000 people and serves a variety of clients in the fields of defense, government and trade and is one of the largest companies listed on the Singapore Stock Exchange.