Sagem and Rosoboronexport to create joint venture for inertial navigation systems french russian
Defense Industry News - Sagem / Rosoboronexport
Monday, 13 December 2010, 16:55 PM
Sagem and Rosoboronexport to create joint venture for inertial navigation systems.
Moscow - Rosoboronexport and Sagem (Safran group) today signed an agreement to create a joint venture for inertial navigation systems, at the 15th session of the French-Russian intergovernmental commission on bilateral cooperation.
The agreement was signed by Ivan Goncharenko, deputy director general of Rosoboronexport and Jean-Lin Fournereaux, Chairman and CEO of Sagem, in a ceremony attended by the heads of government of the Russian Federation and France.
The new company will be based in the Russian Federation, with the Russian partner holding 51% and the French partner 49% of the capital.
Commenting on this agreement, Ivan Goncharenko said: “ I firmly believe that this new French-Russian company will not only strengthen and expand the military and technical collaboration between our two countries, but also open new and mutually profitable prospects for the development and manufacture of high-tech products, as well as exchanges of advanced technologies. ”
Jean-Lin Fournereaux added: “ This new venture clearly symbolizes the favored relations that have developed between our two countries, at both the industry and government levels.”