Defense equipment manufacturer Arotech Corporation’s (Nasdaq: ARTX; TASE:ARTX) has won a contract worth $8 million to provide armored vehicles. The vehicles will be supplied by the company's MDT subsidiary from its plants in the US and in Israel. Arotech did not disclose the identity of the customer in its announcement.
MDT is currently recovering from an internal crisis that saw the departure at the end of January of CEO Yosef Bar, who also sold his stake in MDT to its parent.
Arotech chairman and CEO Robert Erlich said, "We are delighted to have received additional orders for our armored military vehicles used to protect and save the lives of military personnel and others around the globe. Our armor division produces the reliable and highly protective vehicles needed as tension throughout the world increases."
Arotech's armor division is one of the company's three business units. In February, Arotech acquired, through its training and simulation division, the Michigan-based vehicle dynamics modeling company Realtime Technologies Inc. for $1.3 million.
Arotech's share closed 5.3% higher on Nasdaq yesterday, giving the company a market cap of $23.1 million. The company dual listed on the Tel Aviv Stock Exchange (TASE) in September.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2008
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