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Elbit, IAI forming joint venture

HAIFA, Israel, March 17 (UPI) -- Elbit Systems and Israel Aerospace Industries are starting a joint company to perform an advanced training aircraft project for the Israeli Defense Ministry.

The ministry is believed to be reviewing contractual possibilities with regards to the project and has issued a request for information from the companies. The companies said they intend to submit a response to the RFI in the coming days through the joint entity.

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Full details of the project by the Israeli ministry weren't disclosed.

The two companies said in a statement that, to the extent that there will be a contract between the joint entity and the Defense Ministry with regards to the project, it is expected that its scope will be significant and that it will be performed over a long-term period.

It is expected that the joint entity will seek sources of financing for the establishment of infrastructure and for the operation of the project, as well as to purchase from aircraft manufacturers and other suppliers the aircraft and additional equipment required.

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