Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a $20 million contract to supply dozens of CoMPASS (Compact Multi Purpose Advanced Stabilized System) payloads for maritime patrol aircraft to an Asian country. The company did not disclose the name of the customer. This is the company's second contract in Asia in as many days, and third export contract this week.
Elbit Systems said that the Asian country, which operates one of the largest maritime patrol fleets in the world, will use the CoMPASS payload to solution to protect its coastlines. Delivery will be made within two years.
Elbit Systems Electro-optics Elop Ltd. developed and manufactures the CoMPASS payload, already installed onboard hundreds of platforms, including unmanned aerial vehicle (UAV). The system includes thermal imaging system, laser range designator and a day channel, allowing optimal ISTAR (intelligence, surveillance, target acquisition and reconnaissance) capabilities even in adverse weather conditions
Elop general manager Adi Dar predicts that more countries will procure the company's maritime airborne and naval systems for coastal protection. He added that the company would double production of maritime patrol payloads.
Elbit Systems' share price rose 1.1% on Nasdaq yesterday to $52.05, giving a market cap of $2.18 billion, but fell 0.2% in early trading on the TASE today to NIS 181.50.
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2011
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