Elbit’s new Joint Company in South Korea Targets the Korean Future Fighter Program
25 April, 2013
It announced the establishment of Sharp Elbit Systems Aerospace (SESA), a jointly owned company in South Korea, with Sharp Aviation K. Contracts currently operated by Sharp Aviation K will be transferred to SESA as part of the transaction
Elbit Systems target key avionic systems for the most advanced defense contracts in the country, the Korean Light Attack Helicopter (LAH) and the Korean Future Fighter (KFX) development projects.
Today the company announced the establishment of Sharp Elbit Systems Aerospace, Inc. (SESA), a jointly owned company in South Korea, with Sharp Aviation K Inc., located in Seoul, South Korea. Elbit Systems will own 19% with a growth option to 50% ownership.
SESA will operate in the town of Ansan (south of Seol) and will offer maintenance, repair and manufacture of advanced military aircraft avionics as well as research and development of systems and avionics for local projects, such as the Korean Light Attack Helicopter (LAH) and the Korean Future Fighter (KFX) development projects. Contracts currently operated by Sharp Aviation K will be transferred to SESA as part of the transaction.
The Ministry of Defense in Korea is planning to develop a light attack variant of its utility helicopter, Surion, that is produced by Korea Aerospace Industries (KAI). Another National defense projet that attract Elbit is the the Korean Future Fighter. It is 4.5G Jet fighter plane with 2 engines with certain stealth capabilities. The Korean Air Force wishes to receive the new jet plane by 2020.
As a Korean company, SESA will also be able to offer offset solutions to foreign suppliers and OEM’s selling defense goods and services in Korea. Mr. Soon-Suk Paik, President and CEO of Sharp Aviation K commented: “SESA will offer the Korean aerospace market advanced solutions and systems, made in Korea and based on Elbit Systems’technological portfolio”.
Mr. Bezhalel (Butzi) Machlis, Elbit Systems’ President and CEO, noted: “The establishment of this new company is a significant step for Elbit Systems in Korea, which we consider to be a very important market.” Sharp Aviation K Inc. is an aviation services company in Korea engaged in nationwide commercial and defense programs.
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