Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) US subsidiary Elbit Systems of America, LLC, and a General Dynamics (NYSE: GD) unit have formed a joint venture to build unmanned aerial systems for the US military.
The General Dynamics Armament and Technical Products and Elbit venture will be named UAS Dynamics, LLC. The solutions that UAS Dynamics will offer are based on Elbit-designed unmanned aerial vehicles that have accumulated more than 150,000 operational flight hours to date: the Hermes and Skylark systems.
The venture expects to provide unmanned aerial systems to the Department of Defense and other potential US government customers through programs such as the recently announced US Marine Corps’ small tactical unmanned aircraft system (STUAS)/Tier II program.
UAS Dynamics is equally owned by Elbit Systems of America and General Dynamics and is located in Fort Mill, South Carolina.
Shares in Elbit closed up 1.46% on Friday at $54.30, giving it a market cap of $2.29 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2009
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