Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) and Rockwell Collins Inc's (NYSE: COL) joint venture Vision Systems International LLC (VSI) has won several new contracts worth over $80 million of systems for the US Navy and other customers.
VSI will deliver its Joint Helmet Mounted Cueing System (JHMCS) to Boeing Company (NYSE: BA) for use in US Navy F-18 fighter-bombers, as well as for foreign customers. The system is used by pilots to cue onboard weapons and sensors against enemy aircraft and ground targets without the need to aggressively maneuver the plane or place the Head-Up Display in the field of view of the target.
VSI will also supply its FAst Characterization Tools (FACT) hardware to the US Navy. Deliveries of the systems will begin this year and continue through 2011.
VSI President Drew Brugal noted that the company has delivered more than 3,500 JHMCS systems. He added that the current contracts include sales to the company's 21st international customer.
In a separate development, Elbit Systems today completed the acquisition of Azimuth Technologies Ltd. Elbit Systems paid $41.5 million for the remaining shares.
Elbit Systems acquired Azimuth, a manufacturer of navigation and target acquisition, fire coordination, north finding systems, and electro-optic devices, through its wholly-owned subsidiary Elbit Security Systems Ltd. Azimuth has a subsidiary in the UK.
Elbit Systems acquired 19% of Azimuth in November 2008, and signed an agreement to acquire the rest of the company in January 2010.
Elbit Systems' share price rose 5.6% on Nasdaq yesterday to $59.74, giving a market cap of $2.54 billion. The share price fell 1.9% by early afternoon on the TASE today to NIS 224.70.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010