Elbit unit Elisra wins electronic warfare deal with Korea

Elisra will supply systems for C-130s.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) electronic and intelligence warfare system subsidiary Elisra Group Electronic Systems Ltd. (Elisra), was awarded a contract valued over $25 million to supply Korea with airborne electronic warfare suites for its Republic of Korea Air Force C-130 transporters.

The electronics system includes protection systems against various radar-guided and heat-guided missile types.

Elisra CEO Itzhak Gat said that the selection of Elisra's systems by the Republic of Korea, for the second time recently attests to the high level of customer satisfaction and confidence in the company's products.

70% of Elisra's shares are held by Elbit Systems and 30% of its shares by Israel Aerospace Industries Ltd. (IAI) subsidiary Elta.

In February, Elisra won a $7 million contract to supply airborne electronic warfare systems to Korean Aerospace Industries Co. Ltd. (KAI) for use in Korean Air Force FA-50 light attack jets. KAI has a Korean government contract to develop and build a domestic trainer and light attack jet by 2012. The Korean Air Force plans to procure 60 FA-50s in 2013.

Elbit Systems Ltd., along with its subsidiaries, develops and markets defense electronics systems including land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance systems ("C4ISR"), unmanned air vehicle (UAV) systems, and electro-optics.

Shares in Elbit fell 0.9% yesterday to $45.60, giving it a market cap of $1.92 billion. Elbit's dividend yield is currently 7%. Its share ended 2008 at $46.48.

Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2009

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

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