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Britain's BAE SYSTEMS [BA.L] and Italy's Finmeccanica [SIFI.MI] last week signed a memorandum of understanding (MoU) for the formation of a new defense electronics partnership to be called Eurosystems that will oversee joint ventures in the areas of systems integration and C4ISR business, communications systems and avionics.
"Our companies have shared objectives in a desire to improve their performance in the market, establish businesses that address the trend towards integrated systems and enhance their operational effectiveness," BAE and Finmeccanica Chairmen Richard Evans and Pierfrancesco Guarguaglin said in a joint statement. "The MoU we have signed today provides the framework to achieve these objectives. Much detailed work remains to be done before the new companies are operational but we are confident that we will create companies that will meet...