Israel Aerospace Industries announced it has formed a joint venture with a South Korean counterpart to make unmanned aircraft together.
Israel Aerospace Industries (IAI) says it has formed a new company, called Korea Aviation Technologies, with Hankuk Carbon (HC) to develop drones with vertical takeoff and landing capabilities (VTOL). Its products will be aimed at both the military and civilian markets in South Korea.
The two companies signed their joint venture agreement on Tuesday at the International Aerospace and Defense Exhibition in Seoul. Each will hold a 50 percent stake in the joint venture.
State-owned IAI is one of the world’s leaders in drone technology, while Hankuk Carbon will provide manufacturing expertise.
Moon-Soo Cho, CEO from Hankuk Carbon, said that “both companies have established a firm relationship within a short period of time, and the result will be passed on to the HC-IAI joint venture. The UAS system with innovative hybrid propulsion system produced under KAT’s name will set up a new standard of the UAV industry.”
Shaul Shahar, IAI Executive Vice President and General Manager of IAI’s Military Aircraft Group, said “IAI is excited about the establishment of the joint company. Hankuk Carbon brings to the venture strong manufacturing capabilities and know-how. Together with IAI’s UAVs and aircraft design capabilities, the new company will be able to meet Korean military and civilian VTOL requirements. I am confident the collaboration will spur the growth of VTOL systems in Korea.”