Establishment of a Joint Venture company between Saab AB and Simrad Optronics ASA
Simrad Optronics ASA announced on the 28th of April 2008, an industrial cooperation agreement with Saab AB provided a Norwegian decision to purchase the Gripen aircraft. Since both companies anticipate stronger Nordic defence cooperation in the future, they have agreed not to wait for the fighter aircraft purchase decision. The two parties have decided to select some of the projects in the agreement and start up the joint venture.
The new company, named Vingtech Saab AS, will be owned 51% by Simrad Optronics ASA and 49% by Saab AB. Vingtech Saab AS will employ 15 to 20 persons with an expected turnover of 15 to 20 MNOK in the first year of operation. The market potential for the projects that will be started at Vingtech Saab AS is estimated to reach a value above 1 BNOK over the next five to ten years.
If Norway decides to purchase the Gripen aircraft, the parties have indentified possible joint programs for the first 10 years with a potential of more than 7 BNOK. The joint venture company will grow to have more than 200 employees.
At first, the joint venture will have a temporary address at Simrad Optronics ASA’s main office at Nøtterøy. When, and if, a purchase of Gripen by Norway takes place, and the two parties agree to boost the company, a location is planned to be in Østfold, Norway.
The joint venture will have a CEO appointed from Simrad Optronics ASA and a Marketing Director appointed from Saab AB.
For further information, please contact:
Jon Asbjørn Bø, CEO, (+47) 930 86 932