(Alliance News) – Metlen Energy & Metals PLC on Thursday said it signed an exclusive partnership agreement to develop new land defence equipment industrial capabilities in Cyprus, starting with producing military vehicles. <\/p>\n
Metlen, an Athens-based aluminium producer and electricity generator operating in more than 40 countries, said its M Technologies arm signed the agreement with Cyprus-based Spyros Houtris & Sons Ltd to establish a joint venture there.<\/p>\n
The new joint company will produce defence land systems under the European SAFE programme, Metlen said. It will move ahead with the production of military vehicles.<\/p>\n
The two companies will explore further opportunities to produce, integrate, support and maintain defence systems in Cyprus “and the wider region”, Metlen said. <\/p>\n
Houtris is a Cyprus-based industrial company. It has developed “significant” experience in the design, integration, manufacturing, technical support and management of complex projects for Cyprus’s Ministry of Defence, police, and other public organisations in Cyprus. <\/p>\n
“It is intended to build additional production capabilities in the Republic of Cyprus and expand the Cypriot industry’s ability to manufacture, integrate and support defence equipment,” Metlen said. <\/p>\n
Houtris Chief Executive Officer Yiannis Houtris said: “Cyprus now has the know-how, experience and industrial base to play a meaningful role in the European defence industry. Houtris has long worked towards this objective, investing continuously in the development of people, know-how and industrial capabilities in the Republic of Cyprus. <\/p>\n
“This strategic initiative is another important step towards strengthening Cyprus’ defence industrial base, creating the conditions for sustainable growth, technological development and the establishment of Cyprus as a reliable industrial partner in the European defence industry.”<\/p>\n
Metlen shares were 0.1% higher at EUR43.32 each on Thursday afternoon in London. <\/p>\n
By Tom Budszus, Alliance News slot editor<\/p>\n
Comments and questions to newsroom@alliancenews.com<\/p>\n
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