JERUSALEM (Reuters) - Defence contractor Lockheed Martin Corp (LMT.N) and data storage equipment maker EMC Corp (EMC.N) said on Sunday they plan to jointly invest in advanced technology projects at a tech park in southern Israel.
The companies intend to jointly develop partnerships with Israeli industry, government and academic institutions in the city of Beersheba to explore research and development projects in cloud computing, data analytics and cyber technologies.
Their combined initial investment of $1 million will establish a vehicle through which EMC and Lockheed Martin can develop new offerings for the companies to bring to market.
Under the arrangement, Lockheed Martin and EMC will identify a series of development opportunities that can be contracted to Ben-Gurion University, which is in Beersheba, and other experts.
"We expect this collaboration with Lockheed Martin will help EMC continue to rapidly accelerate our important research and development," said Orna Berry, general manager of EMC's Israel center.
EMC employs more than 1,000 people in Israel and has invested billions of dollars through the acquisition of nine Israeli companies, various investments in Israeli technologies, and the establishment of sales and R&D centres.
Unit now, Lockheed Martin's presence in Israel was primarily focused on aerospace and defence endeavours.
"Our goal is to foster applied research and continued growth in Israel's technology sector," said John Evans, Lockheed Martin's vice president of international engineering and technology.
(Reporting by Steven Scheer)