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Embraer and Israeli Elbit form joint venture in Brazil
TEL-AVIV (Reuters) � the Israeli defense company Elbit Systems said on Thursday that its Brazilian subsidiary AEL Systems formed a joint venture with a unit of Embraer, focused on unmanned aircraft systems and simulators.
Embraer Defense and Security has 51 percent of the Harpy Systems, headquartered in Brasilia, while the rest belongs to the AEL.
The Harpy will operate primarily in Brazil, and other markets will be determined in the future.
Embraer Defense also acquired 25 percent of the AEL. The amounts involved in the transactions were not disclosed.
In April, the two companies announced they would jointly develop unmanned aircraft for military and civilians.
The chief executive of Elbit Systems, Joseph Ackerman, said the joint venture represents a milestone for the long-term operations of Elbit in Brazil, "a market that we consider of utmost importance."