Israel Aerospace Industries (IAI) and Lockheed Martin announced the signing of a Memorandum of Understanding on Tuesday for joint collaboration in the field of integrated air- and missile-defense (IAMD) systems.

“Under this collaboration, the companies will explore potential joint opportunities in areas such as research and development, production, marketing and other activities,” the American and Israeli defense giants said in a statement.

They added that “both companies will establish an executive steering committee and working groups for the implementation of this MOU and cooperation.”

Boaz Levy, IAI president and CEO, called the development a “strategic agreement for us.”

“Combining the development capabilities and the vast know-how of Lockheed Martin and IAI experience accumulated over the years in IAMD systems will create win-win opportunities for both sides,” he said.

Tim Cahill, senior vice president and head of global business development for Lockheed Martin, said his company aims “to expand our businesses around the world while delivering unmatched IAMD capabilities to our customers.”

Lockheed Martin employs around 114,000 around the world. IAI is one of Israel’s largest defense technology employers.

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