Weapons giant buys Swedish

US defence industry company Lockheed Martin has partnered with Sweden’s Exechon AB, founded by inventor Karl-Erik Neumann, and with entrepreneur Peter Settman on the board, and a local partner Injaz National to form a joint venture company Exechon Enterprises for industrial robots. Lookheed Martin will own 40% of the new company, Injaz National will own 51%, and Neumann and Settman will together own 9%. Boeing and Airbus have already placed orders. The new company and production plant will be based in the UAE.