The MoU further expands their existing synergy as the two companies agree to jointly work on rocket propulsion and missile development projects.
IAI president and CEO Boaz Levy said: “Cooperation between Tomer and IAI over the years has advanced the State of Israel and the defence establishment in the fields of propulsion and missilery, and led to groundbreaking innovation and capabilities.
“This agreement highlights the importance both companies see in joint development leading to new, advanced capabilities, supporting the growth of both companies.”
Overall, the MoU specifies investment in joint projects, mutual research and development (R&D), as well as the establishment of necessary infrastructure to support the development of advanced rocket propulsion and motor technologies at a faster pace.
Tomer CEO Mordi Ben Ami said: “IAI is a central client of Tomer. The new MoU will boost R&D capabilities and will propel IAI’s R&D capabilities to the forefront of global technology.”
Established in 2015, Tomer is a government-owned defence company focusing on the development of rocket systems for use in air, land, and naval weapon systems. It has around 550 employees.
According to the company website, Tomer has been operating as a business company since 2018.
Last month, IAI reported its results for the first quarter of this year. The military and civilian security defence company registered 23.5% growth in net income while sales in the quarter amounted to $1.015bn.