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Pannesma and Rayethon sign joint venture agreement
(MENAFN - Arab News) Pannesma Company Ltd. and Raytheon have signed an agreement at Farnborough in the UK to establish a joint venture (JV) company in Saudi Arabia to support their command, control, communications, computer and intelligence (C4I) defense business.
Ted Millspaugh, GM, Pannesma, and Dan Crowley, president, Raytheon Network Centric Systems, signed the deal in the presence of Prince Abdulaziz Ahmad Abdulaziz Al-Saud, chairman of Pannesma Co., one of Atheeb Group companies, and Bill Swanson, chairman and CEO of Raytheon.
The agreement underscores Raytheon's and Pannesma's long-standing partnership and Raytheon's ongoing commitment to support and expand the Saudi industrial, educational and technology base. The JV company will build in-country resources for current and future C4I projects within the Kingdom. Raytheon and Pannesma will jointly manage and operate the business.
"The joint venture solidifies a long-standing partnership between our two companies in working within Saudi Arabia," said Dan Crowley, president, Raytheon Network Centric Systems. "The establishment of the joint venture allows Raytheon and Pannesma to provide the Kingdom with reliable and capable aerospace and defense systems while building on our community involvement in terms of job creation and educational opportunities."
Drawing upon over 20 years of cooperation, the JV will foster an increased level of cooperation and commitment between Raytheon and Pannesma with the ultimate goal to provide even more capable and reliable C4I systems for the defense needs of the Kingdom.
"Being a part of the Saudi Arabia industrial base, we understand the need to partner with established and innovative companies like Raytheon," said HRH Prince Abdul Aziz Ahmad Abdulaziz Al-Saud, chairman of Pannesma. "Through this joint venture we can bring the best solutions to the Kingdom."
Final establishment of the joint venture is expected to be complete by the end of 2012.
*http://www.menafn.com/menafn/1093533207/Saudi-Pannesma-Raytheon-ink-deal-to-form-JV
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The article doesn't make it clear if it involves manufacturing or not though but most likely it does.
(MENAFN - Arab News) Pannesma Company Ltd. and Raytheon have signed an agreement at Farnborough in the UK to establish a joint venture (JV) company in Saudi Arabia to support their command, control, communications, computer and intelligence (C4I) defense business.
Ted Millspaugh, GM, Pannesma, and Dan Crowley, president, Raytheon Network Centric Systems, signed the deal in the presence of Prince Abdulaziz Ahmad Abdulaziz Al-Saud, chairman of Pannesma Co., one of Atheeb Group companies, and Bill Swanson, chairman and CEO of Raytheon.
The agreement underscores Raytheon's and Pannesma's long-standing partnership and Raytheon's ongoing commitment to support and expand the Saudi industrial, educational and technology base. The JV company will build in-country resources for current and future C4I projects within the Kingdom. Raytheon and Pannesma will jointly manage and operate the business.
"The joint venture solidifies a long-standing partnership between our two companies in working within Saudi Arabia," said Dan Crowley, president, Raytheon Network Centric Systems. "The establishment of the joint venture allows Raytheon and Pannesma to provide the Kingdom with reliable and capable aerospace and defense systems while building on our community involvement in terms of job creation and educational opportunities."
Drawing upon over 20 years of cooperation, the JV will foster an increased level of cooperation and commitment between Raytheon and Pannesma with the ultimate goal to provide even more capable and reliable C4I systems for the defense needs of the Kingdom.
"Being a part of the Saudi Arabia industrial base, we understand the need to partner with established and innovative companies like Raytheon," said HRH Prince Abdul Aziz Ahmad Abdulaziz Al-Saud, chairman of Pannesma. "Through this joint venture we can bring the best solutions to the Kingdom."
Final establishment of the joint venture is expected to be complete by the end of 2012.
*http://www.menafn.com/menafn/1093533207/Saudi-Pannesma-Raytheon-ink-deal-to-form-JV
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The article doesn't make it clear if it involves manufacturing or not though but most likely it does.