Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a $18.6 million to upgrade the Romanian Air Force's C-130 Hercules transport aircraft. The company will install various advanced electronic systems, including systems developed by subsidiary Elisra Electronic Systems Ltd.
Elbit Systems will collaborate with Romanian Aeronautical Industry and other local companies in the four-year project.
Elbit Systems Aerospace Division co-general manager Yoram Shmuely said, "The global demand for transport aircraft upgrades and the experience we have accumulated in performing various similar projects, including for Korean C-130 and the Brazilian C-95, position us as market leaders, and we hope other similar projects will follow."
Elbit Systems noted that it has been operating in Romania for the past 15 years, carrying out large-scale projects, especially in avionics, in cooperation with local companies, including IAR BRASOV, Avioane Craiova, and Aerostar and others. The company operates through wholly-owned Romanian subsidiaries Elbit Systeme SA., A-E Electronics SA, Elmet International SRL and Simultec SRL.
Elbit Systems' share price fell 1.9% on Nasdaq yesterday to $50.20, giving a market cap of $2.14 billion, but rose 0.7% in morning trading on the TASE today to NIS 178.50.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011