Thursday, September 16, 2010
Sagem and Elbit Systems to Establish a Joint Venture for Tactical UAS
15 September 2010 -- Sagem Defense Securite, Safran group (Safran – NYSE Euronext : SAF) and Elbit Systems Ltd. (Nasdaq and TASE: ESLT) announced the signature of a MoA (Memorandum of Agreement) regarding the intended establishment, by early 2011, of an equally owned joint venture for the tactical unmanned aircraft systems (UAS) market for France and designated international markets, in which existing initiatives will continue through the JV.
The intended joint venture will be a French corporation, located in Eragny and Montluçon (France). It will be formed by the equal contributions of assets from the two parent companies.
The new company's portfolio will comprise newly developed products, as well as current and derivative products, from Sagem and Elbit Systems.
The new company will be able to offer a wide range of products for the tactical UAS market.
Sagem, a high-tech company in the Safran group, holds world or European leadership positions in optronics, avionics, electronics and safety-critical software for both civil and military markets. Sagem is the No. 1 company in Europe and No. 3 worldwide for inertial navigation systems (INS) used in air, land and naval applications. It is also the world leader in helicopter flight controls and the European leader in optronics and tactical UAV systems. Operating across the globe through the Safran group, Sagem and its subsidiaries employ 6,700 people in Europe, Southeast Asia and North America. Sagem is the commercial name of the company Sagem Défense Sécurité.
For more information: www.sagem-ds.com
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.
For additional information, visit: www.elbitsystems.com.