NEW YORK (AP) -- Shares of AeroVironment Inc. rose Friday, a day after it announced that it is partnering with aerospace and defense company Lockheed Martin Corp. to develop drones.
AeroVironment, based in Monrovia, Calif., makes unmanned aircrafts that are used by government agencies and businesses. The company said that customers are seeking more affordable drones for different uses, including surveillance and communications.
Financial terms of the deal were not disclosed.
Late last year, Amazon.com Inc. CEO Jeff Bezos said in a TV interview that the online retailer was working on a way to get drones to deliver packages to customers.
Shares of AeroVironment rose $1.80, or 6.5 percent, to $29.72. Its shares are up 34 percent in the last year. Shares of Lockheed Martin, which is based in Bethesda, Md., rose $3.32, or 2.2 percent, to $155.06.
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