Finmeccanica, BAE in defence electronics partnership

MILAN (AFP) Jul 04, 2003
Italian defence group Finmeccanica and British defence group BAE Systems have signed a memorandum of understanding to create a joint venture in defence electronics, the two companies said in a statement after six months of talks.

The partnership, to be called Eurosystems, will comprise three joint ventures in radar systems, avionics and military telecommunications, the companies said in a statement released late Thursday.

Finmeccanica and BAE said they will set up a strategic coordination committee to ensure cooperation and a coherent strategy between the joint ventures.

The deal does not concern BAE and Finmeccanica's interests in the missile company MBDA, a joint venture between the European Aeronautic Defence and Space Co (EADS), BAE Systems and Finmeccanica, they said.

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