IAI Israel Aerospace Industries intensifies effiort to penetrate Brazil Defence market LAAD 1604133
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IAI Israel Aerospace Industries at LAAD 2013
|Tuesday, April 16, 2013, 06:03 PM|
|IAI Israel Aerospace Industries intensifies effiort to penetrate Brazil Defence market at LAAD 2013.|
During the international defense and security LAAD exhibition, which is currently underway in Rio de Janeiro, Israel Aerospace Industries' (IAI) group and subsidiary ELTA Systems Ltd. intensifies efforts to penetrate the Brazilian defense market by signing an agreement of investment and cooperation with electronic company IACIT.
Israel Aerospace Industries booth at LAAD 2013, International Defence Exhibition in Rio de Janeiro, Brazil.
The agreement, signed by ELTA's subsidiary LARDOSA, includes exchange of knowledge between professional teams, investment in laboratories and factories, intellectual property agreements in both directions and, especially, product support guaranteed by IACIT.
ELTA is a major defense electronics company, providing a wide spectrum of systems in the field of radars, special mission aircraft, ISTAR (Intelligence, Surveillance, Target Acquisition and Reconnaissance), electronic warfare and communication.
Joseph Weiss, IAI's President and CEO and ELTA's Chairman said: "We view Brazil as one of our key markets. Our investement in IACIT is an expression of our enduring committment to support Brazilian customers. We will continue to invest in Brazil also in other segments."
"This agreement will lead IACIT to an unprecedented technological advancement in the Brazilian industry and will assist us in meeting the important defense projects' needs in Brazil," said IACIT President, Luiz Teixeira. "By relying only on our own technological development, IACIT could not have provided its solutions required by the market on schedule. This partnership increases our portfolio and places the company on a heightened technological level, which otherwise would have required years of execessive investment," Teixeira said.