Also in 2002, Thales Broadcast Multimedia, a former subsidiary of Thales, provided China with standard short-wave radio-broadcasting equipment designed for general public radio broadcasting. In 2002, Thales set up the joint venture company Armaris with the French shipbuilder DCN to offer a total "bottom up" shipbuilding capability. The joint venture was restructured in 2016 to switch focus exclusively on NATO agencies and NATO member states. Named ThalesRaytheonSystems, the firm is 50% owned by both parent companies. Thales formed a joint venture with Raytheon in June 2001 to combine their radar and communications systems divisions. However, Thomson-CSF itself was established in 1968 when Thomson-Brandt (then renamed CFTH) merged its electronics arm with that of Compagnie générale de la télégraphie sans fil (CSF). Thales' predecessor, Thomson-CSF, evolved from Compagnie Française Thomson-Houston (CFTH), which was established in 1893. The research centre of Thales in the business cluster of Paris-Saclay, France. The CEO of Thales Group is Patrice Caine since December 2014. As of 2017, it is also the 8th largest defence contractor in the world and 55% of its total sales are military sales. It has 80,000 employees and generated €18.4 billion in revenues in 2019. It is partially state-owned by the French government, and has operations in more than 56 countries. The company changed its name to Thales (from the Greek philosopher Thales, pronounced reflecting its pronunciation in French) from Thomson-CSF in December 2000 shortly after the acquisition of Racal Electronics, a UK defence electronics group. The company is headquartered in Paris' business district, La Défense and its stock is listed on the Euronext Paris. Thales Group ( French pronunciation: ) is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defence, transportation and security markets.