Steinitz elbit 88 248.
(photo credit: Finance Ministry)
Elbit Systems Ltd. is expanding its collaboration with Brazilian aerospace company Embraer SA to unmanned aerial vehicles (UAV). Elbit Systems’ Brazilian subsidiary AEL Sistemas SA and Embraer subsidiary Embraer Defesa e Segurança SA will set up a joint venture to develop, manufacture, market, and support unmanned aircraft systems and their avionics. Embaer will own the majority stake in the venture.
The companies signed the agreement at the LAAD 2011 Latin American Aerospace & Defense Exhibition in Rio de Janeiro.
Embraer has a longstanding and successful relationship with AEL, even
before Elbit Systems acquired it. AEL was one of the first suppliers of
systems for Embraer’s turboprop Tucano basic trainer and the subsonic
fighter AMX in the 1980s and 1990s. Currently, AEL provides the avionics
for the Super Tucano light attack and advanced trainer aircraft and for
the F-5M jet fighter that Embraer is modernizing for the Brazilian Air
“This strategic agreement with Embraer marks a significant milestone for
AEL towards the realization of our goal regarding the development of
UAS competencies in Brazil. This cooperation with Embraer will leverage
new business opportunities and enhance Brazilian know-how in the
development and manufacture of unmanned systems, offering latest
generation technology in order to meet the specific demands and needs of
our country,” AEL director general Shlomo Erez said.
Embraer Defesa e Segurança president Luiz Carlos Aguiar said that the
collaboration with AEL would enable the two companies to offer the
Brazilian government cost-effective unmanned aerial solutions for
defense and security.
“In addition, these vehicles allow for dual-use for monitoring of ports,
agricultural, forest, coastal areas, and traffic,” Aguiar added.
On Tuesday, Elbit Systems’ share price rose 0.6 percent on Nasdaq to
$55.99, giving a market cap of $2.39 billion, and rose 0.1% in early
trading on the Tel Aviv Stock Exchange to NIS 193.90.