New Joint Venture Company in Australia
Simrad Optronics ASA, the Norwegian defence products company, has established a joint venture company in Australia.
“As mentioned earlier, we were planning to establish new sales channels in one or two regions; and we are pleased to announce that we have established a joint venture company in Australia with HK Research and Development Pty Ltd, where we own 55% of the shares”. said Simrad Optronics CEO, Jon Asbjørn Bø.
This company named Vingtech Australia will, at the beginning, sell products from its sister company Vinghøg in Norway, but Vingtech Australia will have the possibility for licensed production in the future. Furthermore, Vingtech Australia will be responsible for training, maintenance and repair & overhaul locally. This way, sales will be better supported than from Norway.
Australia and New Zealand is a very potential market, although the SOASA group has not sold a lot there. By establishing Vingtech Australia, Simrad Optronics possibilities will increase significantly. Simrad Optronics is already short listed in different programs for IS2000 and Vingmate, so the company will concentrate on electro optical and weapon improvement products.
From the start, Vingtech Australia will be established at Simrad Optronics partners’ facilities and run by them. The operational cost will be low and the company will grow as it starts getting contracts. The Board of Directors will have three members and SOASA’s CEO Jon Asbjørn Bø will be the chairman.
“By being present in the local market, we will have a better opportunity to demonstrate our products for potential customers in Australia and New Zealand. Our range of products, combined with our partner’s long military background and marketing abilities, will entitle us to have a successful cooperation. We expect to see the results of this joint venture within two to five years period.” said Simrad Optronics CEO, Jon Asbjørn Bø.
For further information, please call Jon Asbjørn Bø, CEO,
Telephone: +47 9308 6932
Simrad Optronics ASA (Oslo Stock Exchange: SIT) is a leading provider of defence products based on electro optics and advanced mechanics. The company co-operates closely with the research units of the Norwegian Armed Forces and other providers of military equipment. A number of the company's products are world leaders in their respective fields. The company is internationally oriented with sales to more than 40 countries.