HAIFA, Israel, April 26 (UPI) -- A joint venture for military avionics has been started in South Korea by Israel's Elbit Systems Ltd. and Sharp Aviation K Inc.
The new concern -- Sharp Elbit Systems Aerospace Inc. -- offers maintenance, repair and manufacture of advanced military aircraft avionics.
It will conduct research and development of systems and avionics for both existing and future projects, such as the Korean Light Attack Helicopter and the Korean Future Fighter development projects.
"The establishment of this new company is a significant step for Elbit Systems in Korea, which we consider to be a very important market," said Bezalel Machlis, Elbit Systems' president and chief executive officer. "We trust that establishing this jointly owned company will bring new opportunities and will be of mutual benefit for both our companies and for Korea."
Elbit Systems owns 19 percent of the new company but has the option to increase its stake to 50 percent. Contracts operated by Sharp Aviation K will be transferred to SESA as part of the transaction.
"Working with the Defense Acquisition Program Administration of Korea and international and Korean manufacturers, SESA will offer the Korean aerospace market advanced solutions and systems, made in Korea and based on Elbit Systems' technological portfolio and Sharp Aviation K's vast experience in aviation and avionics, strong local presence and deep understanding of the Korean market," said Paik Soon-suk, president and chief executive officer of Sharp Aviation K.