TEL AVIV, Israel, Jan. 24 (UPI) -- New business opportunities in the missile defense sector will continue to be explored by Boeing and Israel Aerospace Industries.
The companies renewed their teaming agreement last week to pursue joint opportunities as well as continue joint work on the Arrow anti-ballistic missile system used in Israel.
"The Arrow program demonstrates Boeing's commitment to developing international missile defense partnerships around the globe," said Boeing Network and Space Systems President Roger Krone.
"We are pleased to mark this 10-year milestone by expanding our cooperation on missile defense initiatives with our partner IAI."
"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," said Itzhak Nissan, IAI president and chief executive officer. "It is based on a strong foundation of successful cooperation."
The Arrow system was designed and developed by IAI, which was prime contractor under a cooperative effort between the Israeli Missile Defense Organization and the U.S. Missile Defense Agency.
IAI and Boeing are developing an enhanced Arrow system.