The companies have also signed a memorandum of understanding to collaborate on several technologies such as aircraft tools, electronics, naval radars, radar antenna and aircraft composite structures, according to the report.
Jens Maaløe, president and CEO of Terma, told the publication the companies aim for the partnership to combine capabilities and seek business opportunities in the international market.
“Terma’s aerospace experience within composites structures technology, and electronic warfare equipment including 3D-Audio and Active Noise Reduction high-end technology provide promising opportunities for collaboration,” Maaløe added.
Paul Hitchcock, vice President for Western Europe at BAE Systems, also told Evertiq BAE Systems intends for the agreement to extend collaboration between the companies.
“BAE Systems is already working closely with Terma in the air sector. This agreement broadens the scope of potential cooperation across other areas of our global defense and security business,” Hitchcock said.