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Koropi, September 9^th, 2024: INTRACOM DEFENSE (IDE) announces new contracts awards by the US Company Raytheon, an RTX business, which amount to $ 42.5 million, for the manufacturing of key components for the Patriot™ air and missile defense system in support of various global Patriot end users.

The new success is coming as a testament to the long-lasting relationship between the companies and a proof of the confidence in the capabilities, the qualitative services and effective attributes that IDE demonstrates towards the production and support of international Patriot programs, reinforcing its position as a key and competitive supplier in Raytheon’s global supply chain.

About IDE

INTRACOM DEFENSE (IDE) is a Defense Systems Company in Greece, with an outstanding record of participation in domestic programs and exports to quality-driven international customers.

IDE utilizes advanced R&D and manufacturing capabilities, large-scale project management know-how and high-end technologies in the design and development of advanced products in the areas of Missile Electronics, Tactical IP Communications, C4I Systems, Surveillance, Hybrid Electric Power Systems, and Unmanned Systems. The Company retains its international recognition through the long-standing participation in European and NATO new technology development programs, while in parallel supports the domestic defense industry through the assignment of a significant amount of work of its signed contracts to other qualified Greek companies.

Focusing on the human factor and characterized by its extroversion, reliability and quality which are documented by a series of international awards the company has received throughout its history, IDE is a key player in the high technology sector of the Hellenic Defense Industry.

For more information please visit: www.intracomdefense.com

European Commission presented the European Defence Industrial Strategy (EDIS), as well as tabled a legislative proposal for a European Defence Industry Programme (EDIP) and a framework of measures to ensure the timely availability and supply of defence products, as the first immediate and central means to deliver the Strategy.

The European Defence Industrial Strategy aims to increase European defence industrial readiness. To this end, it proposes a set of actions aimed at:

• Supporting a more efficient expression of the Member States’ collective defence demand, by incentivising cooperative procurement;
• Securing the availability of all defence products through the EDTIB, by supporting the development and market uptake of new technologies and capabilities and establishing a Security of Supply framework;
• Ensuring that national and EU budgets support with the necessary means the adaptation of the European defence industry to the new security context;
• Mainstreaming a defence readiness culture across policies, including by calling for a review of the EIB’s lending policy this year;
• Developing closer ties with Ukraine and stimulating cooperation between the EU and Ukrainian defence industries through its participation in relevant EU initiatives;
• Cooperating with NATO and strategic, like-minded and international partners (including Ukraine).

The Strategy sets the following indicators to measure Member States’ progress towards European defence industrial readiness:

• Procure at least 40% of defence equipment in a collaborative manner by 2030;
• Ensure that, by 2030, the value of intra-EU defence trade represents at least 35% of the value of the EU defence market;
• Make steady progress towards procuring at least 50% of their defence procurement budget within the EU by 2030 and 60% by 2035.

The European Defence Industry Programme (EDIP) aims to form a bridge between the short-term emergency measures (ASAP and EDIRPA) that expire in 2025 and a more structural and longer-term approach to defence industrial readiness. It includes both financial and regulatory aspects.

Financial aspect

• EDIP will mobilise €1.5 billion of the EU budget over the period 2025-2027;
• This financial support will extend the logics of EDIRPA (support to offset the complexity of joint procurement between Member States) and of ASAP (support to industry to increase production capacity);
• EDIP will also support the “industrialisation” of products stemming from EDF projects;
• EDIP budget may also be used to set up a Fund to Accelerate defence Supply chains Transformation (FAST), aimed at facilitating access to debt and/or equity financing for SMEs and small midcaps industrialising defence technologies and/or manufacturing defence products;
• EDIP budget will also enhance the EU’s defence industrial cooperation with Ukraine and support the development of its DTIB. To do so, EDIP could possibly draw additional funding from the windfall profits derived from immobilised Russian sovereign assets (subject to Council decision on a proposal by the HR/VP);

Regulatory aspect

• EDIP will make available a new legal framework, the Structure for European Armament Programme (SEAP), to facilitate and scale up Member States’ cooperation on defence equipment.
• It also entails a two-step, gradated EU-wide regime for security of supply of defence equipment to respond to crises.
• It will also allow the launch of European Defence Projects of Common Interest, with potential EU financial support;
• EDIP proposes to set up a governance structure, (the Defence Industrial Readiness Board), to ensure overall consistency of EU action in the field of defence industry.

Please find attached the communication and factsheet for EDIS as well as the proposal and factsheet for EDIP.

ATTACHED FILES:

• EDIP proposal
• EDIS factsheet
• EDIS communication
• EDIP factsheet