Oct. 19 (UPI) -- Israel Aerospace Industries and Hankuk Carbon of South Korea are jointly starting a company to develop and manufacture drones.
The joint venture will offer unmanned aerial vehicles, which Korea Aviation Technologies will manufacture, on both the military and civilian markets, specifically in South Korea. The products will feature vertical takeoff and landing capabilities, a news release published Tuesday on the Israel Aerospace Industries website.
"The UAS system with innovative hybrid propulsion system produced under KAT's name will set up a new standard of the UAV industry," Moon-Soo Cho, chief executive officer of Hankuk Carbon, said at an agreement ceremony in Seoul, South Korea. "Also, Hankuk Carbon's composite material and aircraft components business will create a synergic effect with KAT."
Shaul Shahar, Israel Aerospace Industries' executive vice president and general manager of the company's military aircraft group, said he is excited about the deal.
"Hankuk Carbon brings to the venture strong manufacturing capabilities and know-how," Shahar said. "Together with IAI's UAVs and aircraft design capabilities, the new company will be able to meet Korean military and civilian VTOL requirements."