Israel Aerospace Industries and Synergy Group will Establish a Joint Venture Company for the Brazilian Defense and Commercial Markets
Jun 23, 2008
Mr. Itzhak Nissan, President and CEO Israel Aerospace Industries Ltd (IAI) and Mr. German Efromovich, President and CEO Synergy Group, agreed to establish a Joint Venture Company to work in Brazil and other potential markets in Latin America. The new Company will develop, integrate, and support a wide range of defense and aerospace products, and will provide commercial aviation services.
The decision to establish the JV follows a long and fruitful working relationship between the two companies.
The new JV Company will also coordinate local work for IAI and other defense and aerospace programs in Latin America, and it will establish local indigenous capabilities to best support Synergy & IAI’s customers. The JV Company will also expand its scope of activities via acquisition of local companies.
In its defense activities, the JV Company will offer advanced systems, such as UAVs, missile systems, radars, electronic warfare and intelligence systems.
Synergy Group Corp is a leading Latin American Conglomerate in the aviation, Oil and Gas and construction industries.
Mr. Itzhak Nissan said: “Our cooperation with the Synergy Group Corp reflects IAI’s commitment to the Latin American market and to Brazil in particular. This Joint Venture is another step forward in IAI’s globalization, following our new company in the USA and our recently established JV in India with TATA. The Synergy Group Corp is an ideal partner for IAI, complementing our unique capabilities with a very strong local industrial base.”
Mr. German Efromovich, said: “This is an exciting new venture for Synergy which will allow us to use our strong local knowledge, infrastructure and marketing capabilities to enter in to a dynamic new market place. We are happy to be joined with IAI which we believe to be a world class company and the market leader in the defense and commercial aviation industries.”
Israel Aerospace Industries, Ltd. (IAI), formerly known as Israel Aircraft Industries is the largest aerospace and defense industry in Israel. IAI is Israel’s largest industrial exporter and a globally recognized leader for the defense and commercial markets. IAI provides unique system-of-systems solutions for a broad spectrum of needs in space, air, land, sea and homeland defense, including: unmanned air vehicles (UAV), radars, mission aircraft, AEW, EW, ELINT/ESM, SIGINT and COMINT/COMJAM, aerial refueling, Anti-Tactical Ballistic Missiles (ATBM), missiles, smart weapons, satellites and launchers, navigation, upgrading of military aircraft and helicopters, maintenance and conversion of commercial aircraft, and many other core technologies, products and services.
The Synergy Group Corp is one of South America’s largest conglomerates with business interests in aviation, oil & gas production, power generation and construction activities. The group employs in excess of 15,000 people principally in Brazil, Colombia and Ecuador. Amongst its aviation business interests Synergy Group owns and controls Avianca S.A. the major international carrier of Colombia. The group operates in excess of 80 aircraft. The group also produces in excess of 40,000 bbls/day.
For further information, please contact:
Doron Suslik
Deputy Corporate Vice President for Communications
Israel Aerospace Industries Ltd.
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
Email: hpaz@iai.co.il
Sergio Poroger or Renato Pascowitch
Synergy Group
Tel: 55-11-2176.1000
Fax: 55-11-2176.1012
Email: rp@oceanair.com.br
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