Arotech share jumps on new armor orders

The company has also unveiled its new Tiger armored vehicle.

Arotech Corporation’s (Nasdaq: ARTX) has received $10 million in orders for its David Light armored vehicles and armor for various aircraft. With these orders, Arotech's backlog stands at more than $45 million.

Last Thursday, Arotech received $3 million in orders for new batteries and chargers. The news sent the company's share price soaring 19.5% on Nasdaq yesterday to $1.84, giving a market cap of $26.6 million.

The company is also exhibiting its new Tiger armored vehicle at the Eurosatory Defense show in Paris this week. The Tiger is mine and blast protected, with various add-on armor options, including reactive armor. Its 5 doors and a roof hatch offer easy loading and unloading of soldiers and equipment. The wide and spacious cabin, with its large payload capacity, can be tailored to many missions.

Arotech's veteran David vehicle is a lightweight armored vehicle based on a Land Rover heavy duty Defender platform. The David has been selected by the Israel Defense Force (IDF) as its standard armored reconnaissance and patrol vehicle, and is operating hundreds of them already.

Arotech's chairman and CEO Robert Ehrlich said, "The David has proven itself both in battlefield operations and as a strong product line for the Armor Group."

Published by Globes [online], Israel business news - - on June 15, 2010

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

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018