Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) and Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) joint unit Elisra Group has won a $55 million contract from Lockheed Martin Canada Ltd. to supply the Canadian Navy with electronic warfare equipment for its Halifax-class frigate modernization program.
Elisra CEO Itzhak Gat noted that it has a longstanding relationship with Lockheed Martin Canada, and predicted that the contract would lead to more contracts for electronic warfare equipment worldwide.
The Canadian Navy operates 12 Halifax-class frigates, which were commissioned in 1992-97, and equipped with missiles, cannon, and advanced electronics.
Elbit Systems owns 70% of Elisra and IAI owns 30%. Elbit Systems' share rose 3% yesterday on Nasdaq to $54.70, and it rose 1.6% in early trading on the TASE today to NIS 227.50.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009