Rafael Advanced Defense Systems Ltd. today announced that it had signed a cooperation agreement with Romanian company Romaero. The agreement was signed yesterday by Rafael CEO Maj. Gen. (res.) Yoav Har-Even and Romaero CEO Remus Vulpescu.
Under the new cooperation agreement, Rafael will allow the transfer of know-how and production of Rafael-developed systems in Romania in the framework of procurement programs for the Romanian army already approved by the Romanian parliament. The agreement refers to air defense systems, including rocket interception system Iron Dome and its naval version; Samson remote controlled weapons stations; and Spike anti-tank missiles.
Rafael did not specify the value of the agreement, but one estimate of the potential of the agreements in these matters was several hundred million dollars. Over the past 15 years, Rafael has already transferred know-how and production of its components and systems to many countries, including the US, Canada, Italy, Poland, and others.
Rafael's sales totaled $2.2 billion in 2017 and its orders backlog was estimated at $7 billion. The company made a $124 million net profit in 2017.
Despite the impressive success of Iron Dome when used by the IDF in various theaters in recent years and its high success rates in interception of rockets fired against Israel's home front, the interception system has not been exported to other countries, although the radar used in the system, manufactured by Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) subsidiary Elta Systems, has already been sold to a number of countries.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2018
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