Cyclone Systems will provide aircraft doors to Spirit AeroSystems.
Elbit Systems (Nasdaq: ESLT; TASE: ESLT) subsidiary Cyclone Aviation Products Ltd. has a contract worth $160 million to supply aircraft doors to US aircraft component manufacturer Spirit AeroSystems Holdings Inc. (NYSE: SPR). The contract is essentially the largest in Cyclone's history. The order will be supplied from 2009 through 2016.
Elbit Systems president and CEO Joseph Ackerman said, "This important contract win reflects the recognition and trust that Cyclone in particular, and Elbit Systems in general, has established among major global aviation companies. Elbit Systems sees the commercial aviation market as a significant growth engine since it interfaces with a broad spectrum of our activities."
Elbit Systems' share closed at $55.68 on Nasdaq yesterday, giving the company a market cap of $2.3 billion. The share rose 2.1% in morning trading on the Tel Aviv Stock Exchange (TASE).
Published by Globes [online], Israel business news - www.globes.co.il - on March 4, 2008
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