Elbit To Wind Up Brazilian JV 'Harpia Sistemas'

Elbit Systems will wind up the activities of its joint venture with Brazilian Embraer, ‘Harpia’.

The JV was formed in September 2011 in order to explore the unmanned aerial vehicles market. The decision for partnership wind - up occurred amicably given the current budget constraints in Brazil, Elbit systems said in a statement Thursday.

Harpia Sistemas S.A. (“Harpia”) is a joint venture in Brazil, of Elbit Systems subsidiary AEL Sistemas S.A , owned in conjunction with Embraer Defesa e Seguranca and Avibras Divisão Aérea e Naval S.A. Harpia.

Due to the venture’s strategic nature for designing a Brazilian Remotely Piloted Aircraft System (SARP) the companies will continue to develop technologies to meet future demands of the Brazilian Armed Forces and the civilian market in a new format, and agreed on working together in the future.

The companies recognize that the preservation of knowledge is critical to maintaining the technological capacity acquired and, therefore, relocated professionals of Harpia in other programs.