Wednesday, May 8th, 2013
SEOUL, KOREA - Defense contractors in Korea and Israel join hands to create a aviation electronic component supplier. This is the first occasion in which an Israeli defense company invests in Korea. According to investment banking sources on May 7, Korea's Sharp Aviation K has signed on April 25 an agreement with Israel's Elbit Systems to establish a new joint venture Sharp Elbit Systems Aerospace, Inc. (SESA). SESA will be the third company in aviation electronic component manufacturing, following LIG Nex1 and Samsung Thales.
The 5.4-billion-won paid-in capital of the Ansan (Gyeonggi Province)-based joint venture will be invested 81:19 by the two companies. SESA will offer maintenance, repair, and manufacture of advanced military aircraft avionics as well as research and development of systems and avionics for both existing and future projects, such as the Korean Light Attack Helicopter and the Korean Future Fighter development projects.
Elbit Systems is an international defense electronics company engaged in a wide range of programs throughout the world, with specialties in unmanned aircraft systems and electronic warfare. Established in 1964, Sharp Aviation K is an aviation services company in Korea engaged in nationwide commercial and defense programs.