Bofors Defence sees Malaysia as its new hub

PSC – Bofors Defence Asia will be the name of a Joint Venture company set up between the Malaysian company PSC – DT and Bofors Defence from Sweden.

The new company will mainly focus on maintenance, training, and spare parts supply to the Royal Malaysian Navy for existing Bofors guns. This will greatly enhance the operational availability and reliability of the Bofors guns in the RMN.

Malaysia represents one of Bofors Defence’s most important markets throughout the past 40 years. The Malaysian armed forces have more than 100 Bofors 40 and 57 mm guns in their installed base.

Together with PSC’s documented skills within all parts of the naval area, this will give the new company an outstanding capability to support the Navy with all its needs, based on long-term agreements and a reliable cooperation.

– We feel that we have found a strong and competent partner in this cooperation, says Lars Röckert, Vice President Marketing at Bofors Defence.

– Bofors Defence will bring the latest know how in gun and ammunition technology to Malaysia through the new company.

– If Bofors Defence will be selected to supply the new generation 57 mm Mk3 guns with its smart ammunition for future naval programs, a significant part of the production can be manufactured and assembled by the Joint Venture Company, Lars Röckert adds.

PSC – Bofors Defence Asia will also be a platform to create more business in Malaysia since an important goal for the Joint Venture will be to qualify local manufacturers to support in the area of producing spare parts.

– Deliveries of spare parts and all kinds of additional training to the Navy will now have a much higher precision, says Tan Sri Amin Shah, Executive Chairman of PSC.

– We know that we can increase the availability of the whole inventory of Bofors guns up to at least 95 %, probably more. PSC and Bofors Defence will create a winning team that will give long-term benefits to the customer. 

PSC – Bofors Defence Asia will have its corporate office in Kuala Lumpur and its maintenance site in Lumut.

– In the near future I am sure we will expand our business and the number of employees in PSC – Bofors Defence Asia will increase rapidly, ends Tan Sri Amin Shah.

______________________________________________ PSC is Malaysia’s largest shipyard. The yard has comprehensive, modern facilities integrated to meet the total maintenance requirements of the Royal Malaysian Navy, from simple hull repair work to complete overhaul and from radar refitting to weapon systems refurbishment. PSC’s services re also extend to foreign naval vessels of the US, Australian, New Zeeland and French navies.

Forward-Looking Statements:
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties.

All forward-looking statements included in this release are based upon information available to United Defense Industries, Inc., as of the date of the release, and we assume no obligation to update any such forward-looking statements.

The statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences.

Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 as well as its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2003, and in our other reports filed from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with our business.

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