RIO DE JANEIRO, April 12 (UPI) -- Israel Aerospace Industries and subsidiary ELTA Systems Ltd. have teamed with Brazil's IACIT, an electronics company, to grow their business in Brazil.
The agreement of investment and cooperation, signed by ELTA subsidiary LARDOSA, covers the exchange of technical knowledge, investment in laboratories and factories, mutual intellectual property agreements and product support.
IACIT personnel would also be trained for the manufacture of Elta products in Brazil for defense and public security markets.
"We view Brazil as one of our key markets," said Joseph Weiss, IAI's president and chief executive officer and ELTA's chairman. "Our investement in IACIT is an expression of our enduring commitment to support Brazilian customers.
"We will continue to invest in Brazil also in other segments."
IACIT President Luiz Teixeira said the deal will lead his company to "an unprecedented technological advancement" for the company and Brazil.
"This partnership increases our portfolio and places the company on a heightened technological level, which otherwise would have required years of excessive investment," he said.
IACIT is a defense electronics company, as is Elta.
The announcement of partnership was made at the LAAD defense and security exhibition in Rio de Janeiro.