News Formal

Taxpayers to buy military radar company for $500m

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 90%

United States News News

United States United States Latest News,United States United States Headlines

In an unusual deal, the government will take charge of a private sector military company to secure the technology for the navy’s future.

Taxpayers will spend almost $500 million to partially nationalise a homegrown manufacturer of military radars in an unusual deal., saying it secures a crucial sovereign capability for Australia’s military.Among the company’s products are the world-leading phased array radars that are installed on the Royal Australian Navy’s fleet of warships.

The deal is unusual. The government owns only two defence-focused GBEs, ASC Pty Ltd – which maintains the Collins class submarines – and Australian Naval Infrastructure, which owns the shipyard in Adelaide.While the deal puts CEA into public hands, the government insists ownership will not influence procurement decisions by the Defence Department. CEA will continue to pursue commercial opportunities, including exports.this week.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Morning Mail: prescription shake-up to make medicine cheaper, queen ‘planned to sue Murdoch’s business’, Harry Belafonte diesPatients will be able to buy two months’ worth of a single prescription under budget changes
Source: GuardianAus - 🏆 1. / 98 Read more »