SINGAPORE, 8 May 2000 - British Aerospace Systems (BAE) and Industrial & Financial Systems (IFS) announced today their intention to form a joint venture software and solutions company. This joint venture is targeted at the global military and civil aviation markets for logistics information systems, fleet management and maintenance, and repair and overhaul systems.
The new company will address emerging contractor logistics support initiatives and hopes to result in more effective and comprehensive logistics solutions.
It plans to have a workforce of over 200 employees and an annual turnover of over USD 18 million.
"The joint venture will represent a formidable combination of financial backing, advanced technology and logistics expertise," asserted Simon Dowler, managing director of the BAE Systems-owned Paradigm Group.
About BAE Systems
BAE Systems, created in November 1999, is a global systems, defense and aerospace company with operations in 9 home markets.
IFS develops and supplies business applications. It uses third-generation component technology and offers integrated solutions consisting of standardized business components.