Signing of strategic cooperation agreement HDS and IDE

A strategic cooperation agreement was signed between HDS (Hellenic Defence Systems SA), the sole state-owned company producing weapons and ammunition in Greece and the leading Greek private company in the field of defence electronics and communications systems, IDE (Intracom Defense Electronics) on Monday 25 January 2016.

The agreement comes within the scope of creating a coordinated, combined use of individual technological advantages of the public and private sector in the field of defence, and the alignment with market trends and competitive practices at international level.

This agreement is of high importance for the two companies, as it ensures maximum utilisation of the Domestic Defence and Technological Base, for the security of supply and the support of the Armed Forces, with reduced lifecycle costs and high operational availability.

It also creates significant business benefits, as well as increased domestic industrial participation and employment.

Additionally it offers competitive advantages as to the extent of the projects to be undertaken in the field of defence as well as their respective support (FoS-Follow on Support), and also the possibility to develop economies of scale and cost reduction.

Lastly, it creates favourable conditions for the enhancing of extroversion, through the promotion of projects to foreign customers that will arise from the cooperation of the two companies.

The cooperation agreement between the two companies was signed by Mr. Kosmas Christidis, CEO of HDS, and Mr. George Troullinos, CEO of IDΕ, in the presence of the Alternate General Director of GDDIA (General Directorate for Defence Investments and Armaments), Vice Admiral H.N. (Rtd) Mr. Kyriakos Kyriakidis and executives of both companies.