Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) will supply the Ministry of Transportation with a laser-based system to defend commercial aircraft from missiles fired at them.
The C-MUSIC (commercial multi-spectral infrared countermeasure) system will be supplied by Elbit Systems' wholly owned subsidiary, Elbit Systems Electro-optics El-Op Ltd. under a contract worth about $76 million.
The system will be installed aboard a variety of commercial aircraft owned by Israeli commercial airlines.
C-MUSIC is based on the MUSIC system, a direct infra-red countermeasure technology for military aircraft and helicopters that disrupts missiles fired at aircraft and causes them to veer off course by transmitting a laser beam. The system is considered to be among the most advanced of its kind in the world.
Elbit Systems president and CEO Joseph Ackerman said, "We take great pride in the selection of C-MUSIC by the Israeli Ministry of Transportation and see it as a mission to assist in protecting commercial aircraft worldwide."
Aviation industries and air forces around the world have expressed increasing interest in the system and its capabilities.
Elbit Systems closed yesterday at $60.70, near a 52-week high of $62.78. The company's market cap is $2.53 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 25, 2009
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