Satellite communications developer Orbit Alchut Technologies Ltd. (TASE:ORBI) has won a NIS 23 million order from what it describes as "one of the world's largest and most important navies." The company will deliver the systems over the next 12 months, and expects that this first order will be followed by more.
Orbit president and CEO Avi Cohen said, "Orbit has become a major player in the marine world. The company has dramatically increased its growth potential for the coming years."
Cohen added, "I believe that we'll know how to leverage this agreement to receive more orders from this navy and from other customers worldwide. It's important to stress that the satellite communications market is growing by 30% a year, and Orbit is growing even faster and is increasing its global market share."
Orbit's marine satellite communications systems are in use with more than 20 navies worldwide.
Orbit's share price opened at NIS 19.10 today, giving a market cap of NIS 167.5 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2010
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