ROME, May 14 (UPI) -- Italian defense, aerospace and electronics conglomerate Finmeccanica has joined with the Italian National Research Council for technology development.
Under a Collaboration Framework Agreement signed last week, the two entities will identify, develop and produce products capable of competing internationally.
Finmeccanica and CNR have previously collaborated with other public research agencies and now intend to "bolster the synergy achieved by compounding CNR's research objectives with Finmeccanica's business targets," Finmeccanica said.
"Finmeccanica allocates sizable resources and investments, accounting for approximately 11 percent of its revenue, to research activities and to developing new products," the company said. "The agreement that has been signed ... represents a way of enhancing the value of intellectual property, thus further consolidating the group's global leadership in the field of technology."
Three representatives from each organization, operating as a steering committee, will identify priority technology sectors on which to focus and monitor the progress in the implementation of the research programs.