Israel Aerospace Industries (IAI) and Meteor Aerospace, a privately-owned producer of unmanned systems and advanced missiles, have recently signed a memorandum of understanding to promote mutual cooperation. Under the agreement, the companies will cooperate in developing advanced offensive systems. The agreement also includes joint investment in R&D, including engineering development, as well as joint marketing.
IAI is considering expanding the cooperation to investment in Meteor Aerospace as a partially-owned partner in order to maximize the synergy between the two companies – IAI as a leading defense company, and Meteor Aerospace as a private company with great flexibility.
The CEO of IAI, Boaz Levy, said "The cooperation between IAI and Meteor Aerospace will allow us to leverage the synergy and promote the business growth of the two companies. The agreement expresses the relative advantages of each company for continued expansion of business lines and accelerated growth."
The chairman and CEO of Meteor Aerospace, Itzhak Nissan, said "IAI is a strong company with a wide variety of technologies and engineering capabilities, a wide customer base and a worldwide marketing network. IAI and Meteor Aerospace have successfully cooperated for years. Together, the two companies will create new business opportunities for the benefit of both sides."