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Saab and Denel to establish aerostructures company in South Africa.

NORDIC BUSINESS REPORT-15 June 2006-Saab and Denel to establish aerostructures company in South Africa(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com

The Swedish defence and aerospace group Saab said on Thursday (15 June) that it has agreed to establish a new aerostructures company together with South African defence group Denel.

Saab will initially invest ZAR66m in a 20% stake in the new company.

The new company will begin operations with about 600 staff from Denel Aviation and is initially expected to have a turnover of approximately ZAR200m, Saab said.

"This partnership not only represents a very good business opportunity for Saab as we expand our aerostructures design and manufacturing capability while creating synergies in procurement, marketing and other areas. It is also another milestone as we consolidate our relationships and expand our presence in our second home market, South Africa, said Ake Svensson, CEO of Saab.

One South African rand (ZAR) is worth approximately 0.08 British pounds (GBP).

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))

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Title Annotation:Saab-Scania AB
Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:6SOUT
Date:Jun 15, 2006
Words:173
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