Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) subsidiary Elbit Systems of America LLC has bought out the stake of its partner, General Dynamics Inc. (NYSE: GD) in their joint unmanned aerial vehicle (UAV) venture UAS Dynamics LLC. UAS Dynamics will become part of Elbit Systems of America's Unmanned Systems business unit, which is responsible for both airborne and seaborne unmanned systems. The company did not disclose the size of the deal.
Elbit Systems of America president and CEO Raanan Horowitz said, "The integration of UAS Dynamics with Elbit Systems of America's Unmanned Systems business unit will enable us to pursue opportunities associated with unmanned technologies and capabilities across multiple domains, and we will continue to look for opportunities to provide US soldiers innovative solutions that meet their diverse mission needs."
In a separate announcement, Elbit Systems of America won a $38.5 million follow-on contract to provide wide angle conventional head-up displays for US Air Force F-16. The company previously received $3 million in initial orders for the product.
The wide angle conventional head-up display takes critical flight and mission data which is normally displayed on the cockpit instrument panel and projects that information on a transparent surface directly in front of the pilot to improve the pilot's situational awareness."
Elbit Systems' share price fell 0.3% on Nasdaq on Friday to $42.18, giving a market cap of $1.8 billion, but rose 0.1% in early trading on the TASE today to NIS 159.10.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2011
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