Israeli firm to market defense products under Smith & Wesson brand
US handgun maker Smith & Wesson Corporation (SWC) and Israel’s Defense Industries International (DII), manufacturer of military and civilian protective gear, signed a licensing agreement for armored vests and apparel and a blast-resistant armored wall fabric designed to prevent injuries from explosions.
Under the agreement, DII received the exclusive worldwide rights to market its range of protective and bulletproof vests under the Smith & Wesson name, including the Smith & Wesson Bodyguard label. In addition, DII will have the exclusive worldwide rights to market its ballistic wall covering designed for building interiors under the Smith & Wesson name.
"This agreement provides Smith & Wesson an excellent opportunity to offer a new line of high-technology products to the military, law enforcement agency and civilian markets at a time when the world has become more security conscious and the country is focusing on personal safety," stated Mitchell Saltz, chief executive officer and chairman of Smith & Wesson Holding Corporation, the SWC’s parent company.
"DII's versatile line of body armor and related products will make an important contribution to our Smith & Wesson Advanced Technologies (SWAT) division. These advanced technology products will provide Smith & Wesson further entry into the broader and growing homeland security market," Saltz added.
"The worldwide name-recognition and reputation carried by Smith & Wesson will provide DII a solid base for making further inroads into the US market for protective gear and related equipment," DII President Joseph Fostbinder said. "In addition, it will provide Defense Industries International a key distribution channel in its already established international market."
The licensing agreement comes at a time when DII is planning a major expansion program in the US. "All of the products that are being licensed under the Smith & Wesson name will be produced at our new manufacturing facility in the US," Fostbinder added. "We expect to have this plant up and running in early 2003."
Smith & Wesson Holding Corporation is an international producer of handguns, law enforcement products and firearm safety and security products. Smith & Wesson Corp. also manufactures and markets handcuffs and other products utilizing its metal working expertise and providing products and services to many external customers through its Specialty Services division. — (menareport.com)
© 2002 Mena Report (www.menareport.com)