Australia, Finmeccanica supply chain deal

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CANBERRA, Australia, Oct. 31 (UPI) -- Australia reports it has added Finmeccanica of Italy to its Global Supply Chain program to spur international contracts for Australian industry.

Australian Minister for Defense Materiel Jason Claire said a Global Supply Chain Deed with the Italian company was signed this week at the Land Warfare conference in Melbourne.

"Finmeccanica is a big addition to our Global Supply Chain program and I'm pleased to welcome them on board," Clare said. "Australian small and medium businesses have a range of quality products and services. This Deed will help them get access to more work across Finmeccanica's global supply chain."

Finmeccanica is a high-technology manufacturing and services company in the areas of cybersecurity, electronic systems, torpedoes, helicopters, aircraft and fighter trainers.

Australia has invested more than $20 million over the past five years in the Global Supply Chain program. Among defense sector, multinational companies that have signed onto the program are Boeing, Raytheon, Thales, Lockheed Martin, BAE Systems and Northrop Grumman.

"When the program was established everyone agreed that if it could provide a 10-fold return on the government's investment it would be a roaring success," Clare said. "To date it has delivered an excellent return on investment with more than $463 million in contracts awarded to Australian industry."