Saab AB and Simrad Optronics ASA have formed a joint venture under the name Vingtech Saab AS, owned 51 per cent by Simrad Optronics and 49 per cent by Saab.
The plans for a joint venture were first announced in April this year, provided Norway decided to purchase Gripen.
Since both Simrad Optronics and Saab anticipate stronger Nordic defence cooperation in the future, it was agreed not to wait for the aircraft purchase decision.
The market potential for the projects that will be started at Vingtech Saab is estimated to reach a value above NOK1 billion over the next 5-10 years.
If Norway decides to purchase the Gripen system, Saab and Simrad Optronics have identified possible programs for the first 10 years to more than NOK7 billion.
The company, to be based in Norway, will develop and market various products, mainly in the area of high tech optronics.