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Magal Security Systems Ltd. (NASDAQ GMS: MAGS) announces today the formation of a joint venture (JV) company with Veecon Group in
India, which will provide Homeland Security (HLS) products and solutions to the Indian market. The foundation for the establishment of the JV between Magal and the Veecon Group was laid through the visionary approach of representatives from both Magal and Veecon, specifically Mr.
Dror Harari, VP Sales, Magal and the support of Mr.
Jacob Perry, Chairman, Magal and Mr. JK Srivastava, Managing Director, Veecon Group.
Veecon Group is an established player in the Indian security market, focused on scanning and indoor security. The JV will support Magal's existing customer base in
India and will seek to capture new business from the many opportunities in this fast growing country.
India's sheer size and its homeland security challenges offer many opportunities for Magal," commented
Mr. Eitan Livneh, President and CEO of Magal S3."While we have been successful in
India in the past, winning strategic projects such as the Indira Gandhi International Airport, we believe that a local presence is a key strategic step which will enable us to further expand our business and provide better support for both our current and future customers."
Mr. JK Srivastava, MD of Veecon Group said: "I am delighted to extend my support for the new opportunity. I am also thankful for the trust that Magal
, the global leader in providing security solutions, has in us. We shall be garnering and synergizing our energy, goodwill and extend support for success."
About Magal S3
Magal S3 is a leading international provider of security, safety and site management solutions and products. Over the past 42 years, Magal S3 has delivered tailor-made solutions and turnkey projects to hundreds of satisfied customers in over 80 countries in some of the world's most demanding locations.