Hellenic Aerospace Industry Signed Mou With Canadian Vector Aerospace

Hellenic Aerospace Industry S.A. (HAI) signed a Memorandum of Understanding (MoU) with  the Canadian company VECTOR AEROSPACE. The agreement was signed today at HAI premises by Mr. Tassos Philippakos, HAI’s Chief Executive Officer, and Mr. Bill Drikos, Vice-President, Sales & Marketing of Vector Aerospace in the presence of HE the Ambassador of Canada in Greece Mr. Robert Peck and HE the Ambassador of Greece in Canada Mr. Eleftherios Aggelopoulos.

The objective of the MoU is the cooperation between  the two companies for the global upgrading Market of the UH-1H helicopters -thus establishing HAI as a center of excellence for the upgrading of this type of helicopters- and common marketing efforts focusing on aerospace MRO business opportunities worldwide.

HAI’s cooperation with VECTOR AEROSPACE creates new business opportunities in a market of high importance. This MoU is in line with the export oriented strategy that HAI has been consistently implementing during recent years and has led to a good number of significant agreements. It is noteworthy that:

  • HAI’s backlog of signed contracts for the national and international market amounts to 830 million euros, out of which 464 million euros (56%) stem from orders from the international market. This backlog guarantees future sales for at least a 5-year period (in 2011 sales).
  • For the period 2004-2011, Sales Agreements for the International Market amounted to 726 million euros (46%) out of 1.567 million euros Sales Agreements in total.
  • The strategic focus on export oriented strategy has led to a significant increase in HAI’s sales for the international market that, despite the unprecedented crisis, and showed an increase of 31% in 2010 versus 2009. For current fiscal year, exports show a further increase of 14%.

On the occasion of the MoU, HAI’s Chief Executive Officer Mr. Tassos Philippakos stated: ''In September 2011, we had the honor to welcome on our premises HE the Ambassador of Canada Mr. Robert Peck. At that meeting, both parties expressed their firm willingness to identify common cooperation grounds.  Today, I am very happy that –in the presence of HE and also HE the Ambassador of Greece in Canada Mr. Aggelopoulos - the efforts of all parties involved leads us to sign a mutually beneficial agreement''.

Source: Hellenic Aerospace Industry S.A.
Date: Mar 30, 2012