Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) and Alliant Techsystems (NYSE:ATK) will collaborate on a new laser-guided rocket system.
Elbit and Alliant announced that they have signed a teaming agreement to develop the Guided Advanced Tactical Rocket - Laser (GATR-L). The system is currently being tested by the two companies.
The GATR-L, a 70mm rocket, can be used by any fixed-wing, rotary-wing, or unmanned aerial systems (UAS) platform. It uses a semi-active laser (SAL) guidance package. The firms say that the system can lock-on before launch to ensure only the target of interest is engaged.
Alliant is a US aerospace and defense company with more than $4.5 billion in revenue and 17,000 employees. It develops solid rocket motor propulsion systems for tactical, strategic and missile defense systems, as well as scientific and commercial launch platforms.
Haifa-based Elbit has also supplied laser-guided bombs to the Israel Air Force, delivering its Lizard systems in September 2007, and its Kollsman subsidiary received a delivery order in February to deliver thermal laser spot imagers to the US Marine Corps.
Shares in Elbit rose 1.1% on Nasdaq yesterday to close at $58.50. The firm has a market cap of $2.46 billion. Alliant shares fell 2.9% to $101.18, giving it a market cap of $3.33 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2008
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