In partnership with Saudi Technology Development and Investment Company (TAQNIA DST), Turkey's ASELSAN (Military Electronics Industries) have established SADEC LLC (Saudi Defense Electronics Company), a company with a total equity of nearly $6 million.
A statement issued by ASELSAN on the Public Disclosure Forum (KAP) revealed that "the registration processes for the establishment of SADEC LLC, a joint venture between ASELSAN and TAQNIA DST, with a total equity of $6 million has been initiated."
According to the statement, the newly formed company will operate in the sector of radar, electronic warfare and electro-optical systems. The joint venture is expected to have a positive impact on ASELSAN's turnover.
ASELSAN, a company under the Turkish Armed Forces Foundation, was established in 1975 in order to meet the communication needs of the Turkish Armed Forces (TSK) through local means.
Currently, around 5.43 percent of its shares are owned by the foundation whereas the remaining 15.3 percent is traded at the Istanbul Borsa stock market. It is the largest defense electronics company in Turkey, and its capability and product portfolio comprises communication and information technologies, radar and electronic warfare, electro-optics, avionics, unmanned systems, land, naval and weapon systems, air defense and missile systems, command and control systems, transportation, security, traffic, automation and medical systems.
Today, ASELSAN has become an indigenous products exporting company, investing in international markets through various cooperation models with local partners and is listed as one of the top 100 defense companies of the world.
