L3 Technologies (NYSE:LLL) announced today that it has signed a joint venture agreement with Saudi Arabian Military Industries (SAMI) to collaborate on electro-optical and infrared (EO/IR) and special mission systems projects within the Kingdom of Saudi Arabia (KSA). The contract was signed on June 18 in the SAMI Chalet during the Paris Air Show.
In February 2019, L3 and SAMI announced the signing of a Memorandum of Understanding (MoU) relating to the joint venture.
“Through this partnership, L3 will further establish a long-term presence within the KSA,” said Christopher E. Kubasik, L3’s Chairman, Chief Executive Officer and President. “This venture with SAMI, which includes research and development, manufacturing, training and sustainment activities, represents a key milestone in the further development and execution of L3’s international growth strategy.”
“We are pleased to partner with L3 as we move towards our goal of creating a Center of Excellence in the Kingdom,” said H.E. Ahmed Al-Khateeb, Chairman of SAMI. “As we continue to support objectives tied to Saudi Vision 2030, this long-term partnership with L3 will help grow the sensor and mission systems industry while creating a comprehensive through-life support structure for our military customers.”
L3 Technologies designs and manufactures industry-leading multi-spectral and multi-sensor EO/IR imaging and targeting sensor systems in addition to fully customizable mission systems for air, land and maritime vessels. Together, L3 and SAMI will indigenously design and implement these advanced technologies and solutions for a variety of customer-specific applications from a Center of Excellence that will be established in the Kingdom.
Source: L3 Technologies
Date: Jun 18, 2019