The Australian Federal Government announced last week (Friday, February 27) that it had decided not to proceed with the sale of ASC, formerly known as the Australian Submarine Corporation.
ASC is the Australia's last remaining Australian-owned prime defence contractor.
John Prescott, Chairman of ASC, said the government's decision, while disappointing and due to the global financial crisis, would now allow ASC to devote all of its resources towards its core business: supporting submarines and building air warfare destroyers.
The company designed and constructed the Collins-class submarines and today delivers design, upgrade and maintenance services for the submarines through-life.
