South African defence and aerospace company Paramount Group has signed a memorandum of understanding (MoU) with UK-based QinetiQ to identify areas of mutual interest by sharing opportunity, design, technology and global market intelligence.
The MoU is expected to facilitate collaboration in a number of areas including rotary and fixed wing upgrades, mission systems enhancements, aerostructures, unmanned aerial vehicles and leveraging synergies in the maritime and naval environment.
The agreement, signed during the biennial Farnborough Air Show in the UK, last week, will also allow QinetiQ and Paramount Group to consider each other as preferred suppliers for specific projects. The two companies have already identified opportunities across land, sea and air platforms for the joint development of new technologies as well as the enhancement and modernisation of existing capabilities.
“By working together, QinetiQ and Paramount Group will be able to provide our existing and prospective customers the very best defence and security solutions,” QinetiQ CEO Steve Wadey said in a statement released on Tuesday.
Paramount Group founder Ivor Ichikowitz added that forging partnerships with fellow industry leaders and international governments was a hallmark of Paramount Group.
“We’re excited to continue collaborating with QinetiQ and bolster our advanced technology and service capabilities for our clients through technology insertion into our land, sea and air platforms.”