The execution of the collaboration agreement constitutes another step towards establishing a business partnership between PGZ S.A., IAI Ltd. and ELTA Systems Ltd, IAI's subsidiary.
In the MOU, the parties express their willingness to cooperate in promoting, marketing and sales, as well as in licensed production and joint elaboration of future products for various modernization projects in Poland. PGZ S.A., IAI and ELTA Systems also decided that they will take joint action with a view to export jointly-elaborated products. Under the executed MOU, PGZ S.A. and the Israeli parties will also review the modernization programs of the Polish Armed Forces which may use technological solutions and products offered by IAI.
Błażej Wojnowicz, the President of the Management Board of Polska Grupa Zbrojeniowa S.A., said: "The Memorandum of Understanding which we have just signed opens a prospect of acquiring new industrial competencies by the Polish Armaments Group and using them not only for technical modernization of the Polish Armed Forces, but also in other business projects ensuring the security of the allied countries. The possibilities of cooperation between PGZ and IAI are very wide. They also comprise transfer of innovative aerial technologies to PGZ companies. The business forecasts of potential implementation of joint projects give reason for optimism.”
Joseph Weiss, IAI's President and CEO said: “We are eager to take our business in Poland to the next level with our partners from PGZ. We are certain that the partnership will be a long-term, strategic one, combining the advanced technological capabilities of IAI and the PGZ companies. The synergy will provide solutions for the modernization of the Polish army and contribute to the Polish economy and security".