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(photo credit: Courtesy)
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.
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.