Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a $62 million contract to upgrade Korean Air Force C-130 transport aircraft with various types of advanced electronic systems. The company will also convert the existing analog cockpit to a "Glass Cockpit" using its digital flight displays..
The project will be carried out over four years in cooperation with Korea Aerospace Industries Ltd. (KAI).
Elbit Systems Aerospace Division co-general manager Yoram Shmuely said, "This award marks an additional milestone in the projects Elbit Systems has performed for the Korean Air Force in collaboration with Korea Aerospace Industries. This new contract is expected to further enhance capabilities of the Korean Air Force." He added: "The global demand for transport aircraft upgrades and the experience we have accumulated in performing various similar projects such as the previous program for the Korean C-130, as well as programs for the Romanian C-130 and the Brazilian C-95, position us as favorably for similar projects to follow."
Elbit Systems' share price was unchanged at NIS 131.50 in early trading on the TASE today, after rising 0.2% on Nasdaq on Friday to $33.85, giving a market cap of $1.44 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012