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BAE In Gripen MoU With Czech Firm (Sept. 20)



BAE SYSTEMS, the global systems, defence and aerospace company, has signed a Memorandum of Understanding (MoU) with Superstav, the Czech manufacturer of EarthForce brand earth-moving and construction machinery, to support its business growth through export promotion, export financing and international dealership development. The MoU forms part of the offset programme to support the Saab-BAE SYSTEMS Gripen, the world's first operational fourth-generation swing-role fighter, which is being promoted to meet the 21st century defence needs of the Czech Republic.

Under the MoU, BAE SYSTEMS will work with Superstav and international investors on a broad range of business and finance initiatives aimed at developing and implementing inward investments into the Czech Republic and generating additional export revenues for Superstav of $1 billion over the next 10 years.

Steve Jackman, BAE SYSTEMS Vice President Economic Strategy, said: "Superstav, is a first-class innovative company with superb future potential. BAE SYSTEMS and its partners look forward to working with the company on a variety of projects that will generate investment, jobs, exports and prosperity for Superstav and the Czech Republic."

BAE SYSTEMS is currently talking with several international banks, including Commerzbank and ING Bank, with the intention of securing second stage financing to underpin Superstav's business growth. It will also participate in a study of the current and future engine and axle requirements for Superstav vehicles.

The two companies are also working together on a project aimed at finalising Superstav's acquisition of a British-based manufacturer of earth-moving and construction machinery.

As a direct result of activities outlined in the MoU, Superstav expects to increase its workforce at Dobrí_ facility from 200 to 400 people within 18 months.

Christian R. Nielsen, Superstav President and Chief Executive Officer, said: " This MoU marks a significant step in Superstav's development. We have an excellent range of tried and trusted products, and a great team. We believe that working with a major international partner like BAE SYSTEMS will strongly support our ambitious export and investment plans."

Steve Mead, BAE SYSTEMS director for the Czech Republic, said: "This MoU is yet another example of our commitment to delivering an unrivalled programme of economic compensation that will generate jobs and long-term growth in a wide range of key industrial sectors, through inward investment, export promotion and technology transfer, among others. The economic and industrial benefits available to the Czech Republic, in support of the Saab-BAE SYSTEMS Gripen fourth-generation swing-role fighter, go far beyond those associated with traditional 'offset'.

"In the coming months, BAE SYSTEMS, Saab and their partners will be announcing more industrial partnership initiatives in support of Gripen which offers the best solution for the Czech Air Force, Czech industry and the national economy."

The NATO interoperable Gripen is manufactured, marketed and supported internationally by Saab and BAE SYSTEMS. The aircraft is designed to meet all known and perceived 21st century defence threats. It is already in operational service with the Swedish Air Force which has ordered 204 aircraft (including 28 fully operational two-seaters) and has also been ordered by the South African Air Force which has a requirement for 28 (including nine two-seaters).

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BAE Systems Signs Memorandum Of Understanding With Superstav In Czech Republic