Northrop Grumman in joint development deal with UAE's Tawazun

Yesterday we offered Jim Regan’s thoughts on why thought Northrop Grumman would have a good 2009, and why the company stock are now underpriced (“Northrop Grumman is Attractive,” 24 February 2009 HS Daily Wire). Today we note that Northrop Grumman (NYSE: NOC) has signed an agreement with Tawazun Holding jointly to develop defense technologies for the United Arab Emirates.

UAE-based Tawazun Holding and Northrop Grumman have signed a memorandum of understanding designed to establish a business alliance for the future development of defense technologies to meet the evolving security needs of the United Arab Emirates. As part of the business alliance — which also serves to meet the economic diversification objectives of Abu Dhabi, United Arab Emirates — Tawazun and Northrop Grumman will collaborate on a variety of defense projects and identify viable business opportunities.

“We are honored to work with Tawazun to help support its goals to bring technology and expertise to the UAE, create economic diversification and manage the country’s defense industry,” John Johnson, sector vice president and general manager of Northrop Grumman’s Aerospace Systems division, said in a statement. “Northrop Grumman understands its vision to strengthen and develop the future economy of Abu Dhabi through strategic industry partnerships. I look forward to a long and very successful working relationship.”