Elbit unit wins $50m. Korea deal

Elbit said the agreement was expected to become effective upon approval by the South Korean Ministry of Defense and would be carried out over a number of years.

elbit logo 88 (photo credit: Courtesy)
elbit logo 88
(photo credit: Courtesy)
Elbit Systems Ltd. said Sunday its Israeli subsidiary, Elbit Systems Electro-Optics Elop Ltd. has won a $50 million contract to supply the South Korean Air Force with its EO/IR long range oblique imagery systems in F-16 aircraft. Elbit said the agreement was expected to become effective upon approval by the South Korean Ministry of Defense and would be carried out over a number of years. "The contract reinforces our strong relations with the Korean Ministry of Defense and establishes our position as a leader in the area of oblique photography and Imagery Intelligence systems," said Haim Rousso, general manager of Elop. Elop's electro-optics and related technologies are used in space, air, land and sea deployment. Its portfolio of products includes space cameras and specialized sensors, airborne reconnaissance and observation systems. The Korean deal follows an agreement Elop signed last week to supply its advanced observation system Compass for the UK Watchkeeper UAV program. Elbit shares rose 0.6% to NIS 116.20 in Tel Aviv on Sunday.