Defense contractor Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) will supply the Israel Air Force (IAF) with its Lizard laser-guided bombs in a contract worth several million dollars. The company has already begun deliveries.
The Lizard is a new generation laser-guided bomb for air-to-surface attack of diverse targets which inflicts pinpoint damage while substantially reducing collateral damage. The current laser designator is designed for warheads of various sizes.
The company added that it has already supplied the Lizard laser-guided bomb kit to several NATO and other countries, and existing customers have placed repeat orders.
Elbit Systems airborne division joint general manager Yoram Shmueli said that the IAF’s decision to procure the Lizard was an important breakthrough for Elbit Systems as a major supplier of laser-guided systems. He added, “The use of lasers for pinpoint accuracy and reduced collateral damage is in increased demand amongst the world’s advanced air forces, and the fact that the IAF has chosen Elbit Systems’ Lizard will lead to increased orders for the system worldwide.”
Elbit Systems closed at $47.38 on Nasdaq on Friday, giving it a market cap of $1.99 billion. The company and its subsidiaries have signed a number of major contracts in recent months, boosting its orders backlog by hundreds of millions of dollars.
Published by Globes [online], Israel business news - www.globes.co.il - on September 30, 2007
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