Rendition of the Ariane 5 ME. Photo: ESA

[Via Satellite 06-19-2014] Two of the largest shareholders in Arianespace, Airbus Group and Safran, announced an equally owned joint venture for launch vehicles in development.

“This is a major milestone for the European launcher industry,” said Stéphane Israël, chairman and CEO or Arianespace. “The initiative by Airbus Group and Safran, our two largest industry shareholders, aims to increase the competitiveness of the Ariane system and enhance its responsiveness in today’s competitive environment, by simplifying our organization.”

The joint venture is tasked with further developing the Ariane 5 Mid-Life Evolution (ME) as well as the Ariane 6. Initial operations for the joint venture are expected to begin prior to the end of 2014.