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4 Apr 02. On 3 April 2002, Mr. Denis Ranque, Chairman and CEO of Thales, Mr. Jean-Marie Poimboeuf, CEO of DCN, and Mr. Philippe Japiot, CEO of DCN International signed an industrial agreement as part of the creation of a joint company. The new entity will bring together the naval prime contracting and commercial resources of DCN, DCN International and Thales Naval France to compete more effectively on the world market for warships and combat systems. Thales will retain a 50% interest and DCN Développement will hold the remaining 50%.

The new company will focus on exports and international cooperation programmes. Subject to government approval, it may also undertake French national programmes with export potential. The company will, for instance, take over responsibility for the French industrial contribution to the Franco-Italian Horizon frigate programme in which DCN and Thales are already actively engaged. DCN and Thales will retain their own industrial capabilities and will work as subcontractors to the new company on programmes under its responsibility.
The joint company will be a public limited company (société anonyme) managed by a supervisory board and an executive board with equal representation by the two partners. Joint subsidiaries of Thales and DCN International set up as joint ventures will become subsidiaries of the new company.
Subject to the approval of the Commission des Participations et Transferts (CPT, the French mergers and acquisitions authority), the agreement sets in motion legal and financial processes which should allow the new company to begin operations by mid-2002.

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