BAE Systems Plc., Leonardo S.p.A., and Japan Aircraft Industrial Enhancement Co Ltd. have formed a partnership to develop next-generation fighter jets by 2035, the companies revealed on Friday confirming previous reports about the new project.

"The new business will bring together the significant strengths and expertise of the companies involved to create an innovative organization that will lead the way in developing a next-generation combat air system, creating long-term, high-value, and skilled jobs across the partner nations for decades to come," BAE Systems CEO Charles Woodburn said.

The three companies will each hold a 33.3% share in the new venture "marking a pivotal moment for the international aerospace and defense industry." The joint venture is set to be established by mid-2025, according to the announcement.