Tel Aviv: Israel Aerospace Industries (IAI) and Meteor Aerospace, a privately owned Israeli company offering unmanned systems and advanced missiles, recently signed a memorandum of understanding (MOU) to promote cooperation between them.

Under the agreement, the companies will cooperate in the development of advanced attack systems. The agreement includes joint engineering development and marketing, including joint investment in R&D.

IAI is considering expanding its investment partnership with Meteor Aerospace as a partially owned partner in order to maximize the synergy between the two companies.

Sources said that the aim of this agreement is to develop very advanced attack missiles that will fulfil the operational requirements of the Israeli defence forces and foreign armed forces.

Meteor was formed by former senior officials in IAI and in recent years focused on the development of UAV’s and other advanced defence systems.