Griffon Corp.'s (NYSE:GFF) Telephonics unit has agreed with India's Mahindra & Mahindra Ltd. to provide Indian Ministry of Defence & Civil sector with advanced airborne and maritime radar and surveillance systems. Financial details of the deal were not disclosed.
Under the agreement, the companies will form a joint venture (JV) to be called Mahindra-Telephonics Integrated Systems, which will license technology from Telephonics for use on a wide range of products that has both defence and civil applications.
Telephonics supplies airborne maritime surveillance radar and aircraft intercommunication management systems, the segment's two largest product lines. It serves aerospace, defense, and commercial markets worldwide.
According to Griffon, the JV will be the first private sector company in India to manufacture airborne and maritime radars utilizing licensed technology.
Telephonics supplies weather avoidance radar systems for helicopters being built in Bangalore, India. In addition, it is contracted to supply Boeing (BA) with APS-143C(V)3 multi-mode Radar for India's P-8i maritime surveillance aircraft.
"The project envisages establishing a plant in Bangalore, which will initially manufacture and service airborne radar systems," Griffon said.
GFF shares are trading 0.34 percent higher at $8.82 on Wednesday.