Altron subsidiary, Altech, yesterday signed a multi-million rand joint venture deal with French based defence electronics manufacturing company, Thomson-CSF.

The deal, which took effect on March 1, involved the sale of 50% of Altech's equity in its wholly owned subsidiary, Altech Defence Systems.

Altech chief executive, Craig Venter and Thomson-CSF's Pierre Moynot could not be drawn into revealing how much money changed hands in the deal. Part of the deal also provided for the purchase of a 10% equity by a black empowerment partner within the next "few" months.

Put together with Altech's 50% shareholding, the new ADS (Pty) Limited would be locally owned.

Venter said the joint venture was a strategic partnership which would allow for a bigger global market share for ADS Limited.

With acknowledgement to the Dispatch Online.