Israel Aerospace Industries (IAI) and Meteor Aerospace have signed a cooperation agreement on Sunday to develop advanced assault systems.
The memorandum of understanding (MoU) signed also includes cooperation on engineering and marketing developments, as well as joint investment in research and development.
"The cooperation between the IAI and Meteor Aerospace will allow us to leverage the synergy between the two companies into business growth," said IAI President and CEO Boaz Levy.
"The MoU reflects the relative advantages for the continued expansion and accelerated growth of each company," added Levy.
Privately-owned defense and security company Meteor Aerospace's CEO Itzhak Nissan heaped praise on IAI, calling it a "strong company with a wide range of technological capabilities."
"Together, the two companies will create new business opportunities, for the benefit of both parties," Nissan concluded.
IAI also noted it is considering an investment partnership with Meteor Aerospace as a partially-owned partner.