Elbit gets $280m. Defense Ministry contract

Elbit Systems Ltd. to supply, upgrade and provide maintenance as part of the IDF communications equipment project.

By GLOBES CORRESPONDANT
October 2, 2011 21:39
1 minute read.
Elbit Systems

Elbit Systems logo USE THIS. (photo credit: Courtesy)

 
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Elbit Systems Ltd. announced Sunday that it has been awarded a contract by the Defense Ministry to supply, upgrade and provide maintenance as part of the IDF communications equipment project.

The project is valued at $280 million, about half of which is for the supply of new communication systems over the next five years, with the balance for the upgrade and maintenance of existing systems over a 20-year period. The military communications project is a Defense Ministry efficiency initiative, aimed at establishing a supply arrangement for advanced, operationally available and cost effective communication systems for the IDF.


Elbit Systems president and CEO Joseph Ackerman said, “The project we are establishing is a part of the Ministry of Defense’s initiative to outsource the revamping of the IDF’s communications inventory to increase efficiency. We intend to leverage our extensive operational experience and know-how in performing similar outsourcing projects for customers worldwide, in order to provide the Ministry of Defense and the IDF with the most high quality and cost-effective communications solution.

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“A key part of the project will be performed in a development area, as part of the Israeli government’s policy to develop industries in the periphery, providing employment for dozens of local residents.”

Elbit Systems share price fell 0.8 percent to $39.80 on the Nasdaq on Friday, giving a market cap of $1.7 billion. The share price rose 1.8% to NIS 152 in early afternoon trading Sunday on the TASE.

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