Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that its wholly-owned subsidiary, Elbit Systems Electro-optics Elop Ltd. (Elop) has been awarded an $80 million contract to upgrade Armored Fighting Vehicles (AFV) for an Asian customer. The upgrade will be performed over a two-year period.
Elop will integrate advanced systems for enhanced effectiveness (including for night operations) of the weapon systems installed onboard the AFV.
Elop general manager Adi Dar said, "We are very proud of this award, further attesting to our unique capabilities in AFV upgrades and our recognition as world leaders, based on our past performance in this field."
This is the second major contract won by Elbit Systems this week. On Sunday Elbit unit Elisra announced that it will supply electronic warfare systems for multi-purpose land missions over two years to an Asian customer. That contract is worth $115 million.
Sources at the company said that these two deals are are the product of the company's new strategy of entering new and growing markets to offset falling sales in its traditional markets in the US and Europe due to defense budget cuts.
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2013
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