Deliveries of the electro-optical equipment will be made in 2009-10.
ITL Optronics Ltd. (TASE: ITL) US subsidiary Fraser Volpe LLC has won a NIS 38 million follow-on order from the US Army for advanced electro-optical equipment. Deliveries will be made in 2009-10.
ITL's share rose 14.4% by midday to NIS 6.92, giving a market cap of NIS 86 million. The share has risen 100% since the beginning of the year.
The order is the latest in a string of contracts ITL has signed with foreign militaries. On July 6, ITL announced that it had won a NIS 45 million order for electro-optical and night vision equipment for the security forces of a Central Asian country. On July 12, the company announced a NIS 10 million order from a Southeast Asian country. The company did not disclose the names of the countries.
Artillery, munitions, and cookware manufacturer Soltam Systems Ltd. owns 64.4% of ITL.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2009
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