The firms' recent acquisition of Fraser Volpe has helped in military bids.
ITL Optronics Ltd. (TASE: ITL) subsidiary Fraser Volpe LLC has won a $14 million order from the US Army for electro-optical systems to be delivered through 2010.
ITL acquired 73% of Fraser Volpe a few months ago for $7 million in cash as part of the company's strategy to expand activity in the US market. This is important for ITL because some US Army tenders stipulate that only US companies may participate. Fraser Volpe has a security classification for carrying out defense projects and participating in US military tenders. The company is the exclusive supplier for night-vision lenses for M25 stabilized binoculars.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2008
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