Annual revenues of $900 million are the target for the new transatlantic Thales Raytheon Systems joint venture that was formally launched at Le Bourget yesterday.

Thales' Denis Ranque describes the link-up as a "premier event", while Raytheon's Dan Burnahm dubs the new venture "historic".

Ranque says TRS was the "first-ever transatlantic perfectly balanced structure in defence sector". It came about because a new approach to global security was required. The new company would be recognised in both Europe and US, says Ranque. "It will bring major benefits for customers worldwide and open a whole new chapter together, reinforcing success and value for shareholders."

Source: Flight Daily News