Monday, Feb 04, 2013
By Katarina Gustafsson
STOCKHOLM--Swedish defence and security company Saab AB (SAAB-B.SK) Monday said it is creating a joint venture radar company in the United Arab Emirates with Tawazun, an investment company focusing on defence and strategic manufacturing, in a move to increase its presence in key markets.
MAIN FACTS:
-The new company is named Abu Dhabi Advanced Radar Systems (ADARS).
-Saab will own a 49% stake in the company and Tawazun will own 51%.
-The creation of ADARS has been reviewed and approved by the Swedish Agency for Non-Proliferation and Export Controls, ISP.
-At 0804 GMT shares traded 0.2% lower at SEK136.70.
-Write to Katarina Gustafsson at katarina.gustafsson@dowjones.com; Twitter: @DowJonesNordics
(END) Dow Jones Newswires
04-02-13 0816GMT
