Companies from UK, Italy and Japan to form joint venture for new fighter jet WSOC TV [Video]

LONDON — (AP) — The three companies building a next generation fighter jet for the U.K., Italy and Japan revealed Friday that they are forming a joint venture to deliver the aircraft.

Under the agreement, Britain’s BAE Systems, Italy’s Leonardo and Japan Aircraft Industrial Enhancement will each own a third of the new joint venture, which will be subject to regulatory approvals.

“This agreement is the result of an intensive journey made possible by pooling our mutual and shared experiences,” said Roberto Cingolani, Leonardo’s chief executive.

The headquarters for the Global Combat Air Programme, or GCAP, will be the U.K., but operations will take place in each of the partner nations. Under the terms of the agreement, the first chief executive will come from Italy.

“The new business will bring together the significant strengths and expertise of the companies involved to create an innovative organization that will lead the way …