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4-Traders Homepage  >  Equities  >  Nyse  >  Boeing Co    BA

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The Boeing Company : Boeing, ADASI Sign Teaming Agreement for Unmanned Aircraft Systems

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02/18/2013 | 03:23pm CEST

ABU DHABI, United Arab Emirates, Feb. 18, 2013 -- Boeing [NYSE: BA] and Abu Dhabi Autonomous Systems Investments Company (ADASI), a Tawazun subsidiary, today signed a teaming agreement for the two companies to address the growing Middle East market for unmanned systems.

Speaking at the International Defence Exhibition and Conference (IDEX) in Abu Dhabi, company representatives said the teaming agreement enables ADASI to provide training, support and marketing services for Boeing's ScanEagle and Integrator unmanned aircraft systems in the United Arab Emirates (UAE), with prospects to expand into the Middle East and North Africa.

"This agreement advances Boeing's strategy of partnering with best-in-industry companies such as ADASI," said Debbie Rub, a vice president and general manager in Boeing Military Aircraft. "We plan to continue investing and growing in the UAE and the broader Middle East region in order to support U.S. allies' enduring need for affordable intelligence, surveillance and reconnaissance (ISR) solutions, such as ScanEagle and Integrator."

The agreement supports the ongoing drive to develop UAE national capabilities within ADASI. Boeing's direct involvement with ADASI will open many opportunities for ADASI's UAE nationals to develop their knowledge and skills through Boeing's world-leading capabilities and experience in the management and implementation of technical programs.

"Today's announcement is an important continuation of our strategy to build aerospace capabilities right here in the Middle East," said ADASI Chairman Homaid Al Shemmari. "Our homegrown expertise, coupled with Boeing's technical capabilities in unmanned aircraft systems, is a winning combination and one that we look forward to strengthening in the coming years."

The teaming agreement expands on a previous agreement between ADASI and Insitu, a wholly owned Boeing subsidiary that makes the ScanEagle and Integrator. That collaboration allowed for support and sustainment of Insitu's unmanned ISR products and services.

"Boeing continues to demonstrate its enduring commitment to the UAE not just by delivering commercial aircraft and defense systems, but also through solid partnerships such as this latest agreement," said Boeing Middle East President Jeff Johnson. "In this way, we can help the UAE achieve its national objective of providing new career opportunities for its people."

ADASI is the first UAE-based company to offer clients a comprehensive range of services to cover all types of autonomous systems. ADASI offers holistic solutions, starting with joint analysis of end-users' needs, through formalization of their requirements, to equipment selection and procurement. ADASI also offers product or system design, development, testing and commissioning of localized subsystems and systems, and other engineering solutions, as well as training of customer teams, operational support and systems maintenance.

The Boeing Company has a long-standing relationship with the United Arab Emirates. From air transport and aviation support services to defense and satellite systems, Boeing has worked closely with UAE civil and defense authorities to achieve the country's objectives and ambitions. Boeing values its relationships and partnerships in the UAE and the region and is committed to building on these relationships for mutual benefit into the future.

Tawazun is a strategic investment firm focused on the long-term development of UAE's industrial manufacturing and technology capabilities and knowledge-transfer with a specific focus on the defense sector. Established in 2007 as a fully owned subsidiary of Tawazun Economic Council, Tawazun Holding's mission is to develop profitable ventures through industrial partnerships and strategic investments that add to the country's industrial manufacturing layer in the areas of defense, defense manufacturing and manufacturing technology.

A unit of The Boeing Company, Boeing Defense, Space & Security is one of the world's largest defense, space and security businesses specializing in innovative and capabilities-driven customer solutions, and the world's largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Defense, Space & Security is a $33 billion business with 60,000 employees worldwide.@BoeingDefense.

# # #

Contact:

Fakher Daghestani
Boeing International Communications
Office: +971 4 213 4703
Mobile: +971 50 6254855
fakher.a.daghestani@boeing.com

David Sidman
Boeing Defense, Space & Security
Office: +1 314-232-1980
Mobile: +1 314-409-6725
david.sidman@boeing.com

Saif Ali Al Marzooqi
Associate Director - Corporate Communications
Tawazun
+971 2 5069911
salmarzooqi@tawazun.ae

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EBIT 2016 6 634 M
Net income 2016 3 737 M
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P/E ratio 2017 13,96
EV / Sales 2016 0,93x
EV / Sales 2017 0,91x
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