LE BOURGET, France--(BUSINESS WIRE)--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.
About L3 Technologies
With headquarters in New York City and approximately 31,000 employees worldwide, L3 develops advanced defense technologies and commercial solutions in pilot training, aviation security, night vision and EO/IR, weapons, maritime systems and space. The company reported 2018 sales of $10.2 billion.
To learn more about L3, please visit the company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.
About Saudi Arabian Military Industries
Launched in May 2017, Saudi Arabian Military Industries (SAMI) is a state-owned military industries company working under the directives outlined in the Saudi Vision 2030. Aiming to be among the top 25 military industries companies in the world by 2030, SAMI is expected to play a key role in localizing 50% of the Kingdom’s total government military spending. SAMI is combining the latest technologies and the best national talent to develop military products and services at par with international standards across four business divisions – Aeronautics, Land Systems, Weapons and Missiles, and Defense Electronics. For more information, visit www.sami.com.sa or e-mail us at firstname.lastname@example.org.
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