Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and Boeing Company (NYSE: BA) have expanded their collaboration on the Arrow anti-ballistic missile program. The companies today marked the 10th anniversary of their collaboration on the program.
IAI president and CEO Itzhak Nissan said, "This new agreement is the next logical step in our relationship with Boeing and a strong opportunity for both companies to play a bigger role in the missile defense market. It is based on a strong foundation of successful cooperation.
The IAI-Boeing Strategic Teaming Agreement aims to develop new opportunities in the missile defense arena. During the past ten years, the two companies jointly developed, produced, and deployed the Arrow. As the world’s first operational national missile defense system, the arrow has become a vital, anti-ballistic missile defense strategy for Israel’s defense.
IAI is the prime contractor for the Arrow. It has initiated, developed and deployed the Arrow 2 missile and, together with Boeing, is developing the Arrow 3 system - a crucial asset in Israel's multi-tier anti-ballistic defense strategy.
The Arrow has been a joint effort of the Israel Missile Defense Organization and the US Missile Defense Agency since 2002.
Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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