Elbit Systems adds partner to Brazilian UAV venture

Elbit Systems and Embraer bring Avibras Divisao Aerea e Naval into their joint venture Harpia Sistemas.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has added a third partner to Harpia Sistemas SA, its Brazilian unmanned aerial vehicle (UAV) joint venture with Embraer Defesa e Segurança SA. The new partner Avibras Divisão Aérea e Naval SA will own 9% of Harpia, Elbit Systems' subsidiary AEL Sistemas SA will own 40%, and Embraer Defesa will own 51%.

Under the agreement, Avibras' Falcão UAV project for the Brazilian Army will be included in Harpia’s portfolio, reinforcing the national content of the partnership. The Falcão UAV will carry out reconnaissance missions, target acquisition and firing support, damage evaluation, and land and sea surveillance.

AEL director general Shlomo Erez said, "Avibras brings to Harpia the best of the know-how that has been developed autonomously in Brazil for UAV to date, making Harpia, which already benefits from the extensive capabilities of Embraer Defesa and AEL, a company with all necessary elements for the success of the development in Brazil of latest generation UAV to meet the needs of our country."

Harpia chairman and Embraer Defesa president Luiz Carlos Aguiar said, “The entrance of Avibras increases the national participation in Harpia which now complies with all requirements to be a strategic defense company. Harpia will be enhanced by the technical competence of Avibras."

Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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