Elbit Systems wins $20m Israel Air Force trainer deal

The company will operate and maintain the Snunit trainer for the Air Force Flight Academy.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a follow-on $20 million contract from the Ministry of Defense to continue the Snunit trainer aircraft (GROB G-120-AI) operation program for an additional ten years, starting in 2012. Elbit Systems will operate the trainers at the Israel Air Force (IAF) Flight Academy in Hatzerim.

Under the multi-year program, the IAF purchases training hours onboard Elbit Systems' Snunit trainers, and Elbit Systems is responsible for the operation and maintenance of the aircraft, which is performed by the company's technical crew. The Snunit program is the IAF's first private finance initiative (PFI) project.

Elbit Systems' share closed at $63.90 on Nasdaq on Friday, giving a market cap of $2.72 billion. The share rose 0.2% in early trading on the TASE today to NIS 237.

Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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