Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) and Rockwell Collins Inc. (NYSE: COL) joint venture Vision Systems International, LLC (VSI), has received several new helmet mounted display system contracts with a total value of more than $120 million.
Boeing (NYSE: BA) awarded VSI a contract for the delivery of more than 550 additional joint helmet mounted cueing systems (JHMCS). VSI also received direct contracts from the US Navy and US Air Force for spares and ground support equipment in support of the JHMCS program.
The US military order will by used for US Air Force F-15E and F-16, Air National Guard F-15, several US Navy F/A-18 single seat and dual seat platforms, as well as foreign military sales production and spares commitments.
The deliveries to the US military will begin this year and continue through 2010.
VSI was founded in 1996 to develop, manufacture and support fixed wing helmet mounted displays worldwide.
VSI President Drew Brugal said that the award will have a "substantial economic impact" with the creation of high quality jobs in the San Jose area.
Shares in Elbit Systems closed at $48.56 on Wednesday, giving a market cap of $2.04 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on April 30, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009