UK, Italy, Japan to develop jet

The UK, Italy and Japan on Friday launched a joint venture to develop a supersonic next-generation fighter jet by 2035, replacing the Eurofighter Typhoon.

Britain's BAE Systems, Italy's Leonardo and Japan Aircraft Industrial Enhancement Co Ltd (JAIEC) will each hold a 33.3 percent share in the new venture, "marking a pivotal moment for the international aerospace and defence industry," they announced in a press release.

JAIEC is a firm jointly funded by Mitsubishi Heavy Industries (MHI) and the Society of Japanese Aerospace Companies.

"Today's agreement is a culmination of many months working together with our industry partners and is testament to the hard work of everyone involved in this strategically important programme," said Charles Woodburn, BAE Systems Chief Executive.