Feb. 17 (UPI) -- Rheinmetall and Raytheon have entered into an agreement to cooperate on future defense-related projects.
Representatives from both companies signed a memorandum of understanding to formalize the arrangement, and say the pact will facilitate deepened ties on missile defense systems and rocket-based solutions.
"With this groundbreaking cooperation, we are starting a new chapter for Rheinmetall - both in terms of technology and presence in important markets," Rheinmetall CEO Armin Papperger said in a press release. "We look forward to future projects with Raytheon and are convinced that we will be able to offer our global customers in this alliance a comprehensive and tailored solution that ideally combines the best of the know-how of both companies."
In addition to collaborations on missile-related products, the contractors will also work closely on combat vehicles, weapons, ammunition, cyber defense and simulations.
"Strategic industry partnerships are drivers for innovation to provide our global customers with the best solutions at the best price. We look forward to working with Rheinmetall," Raytheon chairman and CEO Thomas A. Kennedy added.