Safran and International Golden Group form joint venture in optronics and navigation

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  June 19, 2019 | International, C4ISR

  L3 Technologies and Saudi Arabian Military Industries Enter Into Joint Venture

  LE BOURGET, France--(BUSINESS WIRE)--L3 Technologies (NYSE:LLL) announced today that it has signed a joint venture agreement with Saudi Arabian Military Industries (SAMI) to collaborate on electro-optical and infrared (EO/IR) and special mission systems projects within the Kingdom of Saudi Arabia (KSA). The contract was signed on June 18 in the SAMI Chalet during the Paris Air Show. In February 2019, L3 and SAMI announced the signing of a Memorandum of Understanding (MoU) relating to the joint venture. “Through this partnership, L3 will further establish a long-term presence within the KSA,” said Christopher E. Kubasik, L3's Chairman, Chief Executive Officer and President. “This venture with SAMI, which includes research and development, manufacturing, training and sustainment activities, represents a key milestone in the further development and execution of L3's international growth strategy.” “We are pleased to partner with L3 as we move towards our goal of creating a Center of Excellence in the Kingdom,” said H.E. Ahmed Al-Khateeb, Chairman of SAMI. “As we continue to support objectives tied to Saudi Vision 2030, this long-term partnership with L3 will help grow the sensor and mission systems industry while creating a comprehensive through-life support structure for our military customers.” L3 Technologies designs and manufactures industry-leading multi-spectral and multi-sensor EO/IR imaging and targeting sensor systems in addition to fully customizable mission systems for air, land and maritime vessels. Together, L3 and SAMI will indigenously design and implement these advanced technologies and solutions for a variety of customer-specific applications from a Center of Excellence that will be established in the Kingdom. About L3 Technologies With headquarters in New York City and approximately 31,000 employees worldwide, L3 develops advanced defense technologies and commercial solutions in pilot training, aviation security, night vision and EO/IR, weapons, maritime systems and space. The company reported 2018 sales of $10.2 billion. To learn more about L3, please visit the company's website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company's website and is readily accessible. About Saudi Arabian Military Industries Launched in May 2017, Saudi Arabian Military Industries (SAMI) is a state-owned military industries company working under the directives outlined in the Saudi Vision 2030. Aiming to be among the top 25 military industries companies in the world by 2030, SAMI is expected to play a key role in localizing 50% of the Kingdom's total government military spending. SAMI is combining the latest technologies and the best national talent to develop military products and services at par with international standards across four business divisions – Aeronautics, Land Systems, Weapons and Missiles, and Defense Electronics. For more information, visit www.sami.com.sa or e-mail us at info@sami.com.sa. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-Looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements. https://www.businesswire.com/news/home/20190618005809/en

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  August 1, 2023 | International, Aerospace, Security, Other Defence

  Defense firm Leidos raises annual revenue outlook on weapons demand

  Leidos Holdings Inc on Tuesday raised its full-year revenue forecast as the defense contractor benefited from resilient weapons demand.

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  May 20, 2020 | International, Aerospace

  Northrop receives $2.4B contract for two missile defense satellites

  Nathan Strout The U.S. Space Force has awarded Northrop Grumman a $2.375 billion contract for two Next Generation Overhead Persistent Infrared satellites that will help provide ballistic missile warning for the military. Next Gen OPIR is to replace the Space-Based Infrared System, a crucial part of the nation's missile defense architecture. Utilizing infrared sensors, the satellites will be able to detect and track ballistic missile threats while being more survivable than the legacy system. The Space and Missile Systems Center plans to have five satellites in the constellation: three geosynchronous satellites built by Lockheed Martin, and two polar satellites being built by Northrop Grumman. Northrop Grumman was initially awarded a $47 million contract for system and payload requirements analysis and risk reduction for the two polar vehicles in June 2018. The $2.4 billion contract modification issued May 18 provides for Phase One design and development, the procurement of critical flight hardware, and risk-reduction efforts leading to critical design review. At this time, $70.5 million is being released. Work is expected to be completed by December 2025. Meanwhile, Lockheed is developing the three geosynchronous Next Gen OPIR space vehicles. That company was awarded $2.9 billion in August 2018 to begin work on the satellites, leading to critical design review. In October 2019, the Space and Missile Systems Center announced the system had passed preliminary design review. The Air Force has accelerated the timeline for Next Gen OPIR to get the first satellite delivered in 2025. That's required more money up front than initially expected, which was provided through a series of reprogramming requests in 2019. That became a source of tension between competing versions of the annual defense budgets in the House and Senate last year, but SMC credited that reprogramming with keeping Next Gen OPIR on track. https://www.c4isrnet.com/battlefield-tech/space/2020/05/19/northrop-grumman-receives-24-billion-for-two-missile-defense-satellites