AT Semicon Signs Acquisition Agreement with Domestic Drone Specialist Company... 'Entry into Defense Industry in Drone Sector'
[Asia Economy Reporter Yoo Hyun-seok] AT Semicon announced on the 12th that it will participate in the Saudi Vision 2030 project promoted by the Saudi Arabian government in collaboration with a domestic drone specialized company.
AT Semicon signed an agreement to acquire shares in ADE, a defense drone specialized company. Through the future acquisition of ADE shares, the company plans to jointly promote the defense drone business of the Saudi Vision 2030 project with ADE.
ADE is a company specializing in the development of unmanned aerial vehicles (UAVs), or drones. Through a technical partnership with the U.S. drone defense company ARA (Applied Research Associates), ADE has been developing world-class fixed-wing drones, rotary-wing drones, and anti-drone solutions since 2015.
As drone terror incidents targeting Saudi Arabia’s national infrastructure oil facilities have frequently occurred, the Saudi Arabian government is promoting the anti-drone business through the Saudi Vision 2030 project. Anti-drone refers to equipment and systems that detect and neutralize drone attacks in advance.
ADE has been selected by the Saudi Arabian government as a defense industry business operator for the Saudi Vision 2030 project. The Saudi government fully supports costs related to company establishment, factory site acquisition, and expansion for selected companies. AT Semicon plans to supply ADE’s anti-drone solutions locally in Saudi Arabia in the future.
To promote the Saudi Arabia anti-drone business, a joint venture will be established with the Saudi Arabian government investing 85% and AT Semicon investing 15% of the shares. The joint venture plans to invest in establishing a factory for anti-drone development and production locally in Saudi Arabia.
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An AT Semicon company official stated, “We plan to complete the acquisition of ADE shares and promote the business by receiving exclusive rights and specialized personnel for the Saudi Vision 2030 project,” adding, “Since this is a project actively supported by the Saudi Arabian government, we expect the drone and anti-drone business to gain momentum.”
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