NEW YORK (AFX) - Israel-based aviation and defense equipment maker RADA Electronic Industries Ltd. said on Wednesday it will team up with a unit of Northrop Grumman Corp. to develop defense lines for the Israeli government to intercept hostile rockets and missiles.
Redondo Beach, Calif.-based Northrop Grumman Mission Systems Corp. will work with subcontractor RADA under any contracts for the Tactical Rocket Shield. The companies will work together during all phases of the program and will exchange technical data and technology approved by both governments.
Shares of Northrop Grumman dropped 16 cents to $71.43 in morning trading on the New York Stock Exchange, while shares of RADA gained 12 cents, or 14.4 percent, to 98 cents on the Nasdaq Stock Market. RADA has traded between 61 cents and $1.32 over the past year.
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