Ashot share soars on jet engine parts deal

Ashot's share rose 166% after the IMI subsidiary announced an $80 million agreement.

Israel Military Industries Ltd. (IMI) subsidiary Ashot Ashkelon Industries Ltd. (TASE:ASHO) has signed an $80 million agreement with a large international jet engines manufacturer. The announcement of the deal saw the company's share rise 166% to NIS 2.19 in afternoon trading.

Ashot, which manufactures military products and commercial aviation systems, will deliver the shafts over the next 10 years with an option to extend. Ashot did not disclose the name of the international customer.

Ashot Ashkelon president Dan Katz said that expanding activities in the civilian sector was a strategic target, which would complement the company's activities in the military sector.

Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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