OTTAWA (dpa-AFX) - Canadian technology company CAE Inc. (CAE, CAE.TO) said on Friday it has signed a memorandum of understanding or MoU with Swedish company Saab AB (SAABF, SAABY, SAABb.ST) to collaborate on training and support for the Gripen fighter jet in Canada.
The agreement is contingent on the Government of Canada selecting the Gripen for its future fighter aircraft program, CAE said.
Under the MoU, CAE would establish and operate a training system in Canada for Gripen pilots and technicians. This would include simulator operations, advanced pilot training and sustainment services, the company said.
CAE and Saab also agreed to explore joint work on mission systems development and sustainment in Canada.
The MoU also covers cooperation on research and development and could be extended to other Gripen operators internationally.
On the NYSE, shares of CAE are currently gaining 0.47 percent, changing hands at $24.77.
Saab AB shares are currently trading 0.28 percent higher at $54.65 on the OTC Markets.
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