Abu Dhabi: EDGE, the UAE-based advanced technology and defence group, is buying a 51 per cent stake in Brazil-based Condor Non-Lethal Technologies, one of the top five industry players in the category.
The acquisition in Condor, which has a portfolio of over 160 NLT products, will 'propel' Edge to be a global leader in this highly specialised domain across defence and public and homeland security. Both companies plan to expand their market share in different NLT segments globally and enter important markets such as the US.
Condor is the world's foremost producer of tear gas and related products for military, civil defence, and public security scenarios.
Hamad Al Marar, EDGE Group's Managing Director and CEO, said: "Having Condor as part of the group opens up new avenues for sustainable global growth and innovation. It also clearly demonstrates that our strategy of forming valuable 'win-win' partnerships in Brazil and elsewhere is delivering tangible results and benefits to all parties on an international scale.
The global market in NLTs was worth $6 billion last year.
