The company will supply an anti-missile system to protect cargo planes and helicopters.
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a $15 million contract from Italian defense contractor Elettronica SpA to supply antiaircraft countermeasures for Italian Air Force plans. Deliveries will be made over the next three years. Elbit Systems announced the contract at the Paris Air Show Le Bourget.
This is Elbit Systems' second contract in Europe this week, after announcing on Sunday a €5 million contract to supply hundreds of personal locator beacons to the French Ministry of Defense.
Elbit Systems will supply ELT/572 DIRCM (Directed Infra-Red Countermeasures) system for installation on C130J Hercules and C27J cargo planes, AW101 cargo helicopters and other planes operated by the Italian Air Force. The ELT/572 DIRCM system is based on the MUSIC system, a joint project of Elettronica and Elbit Systems subsidiary Electro-Optics Elop Ltd. MUSIC's fiber laser technology emits a laser beam towards an approaching missile causing the missile to veer off course.
Elbit Systems' share price rose 3.4% on Nasdaq yesterday to $49.70, giving a market cap of $2.12 billion, but fell 0.2% in early trading on the TASE today to NIS 169.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2011
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