Defense electronics developer Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) said today that it has won a tank upgrade contract from a customer in Asia.
The deal is worth approximately $56 million.
Elbit said that the tank upgrade project will include the installation of advanced battle management systems, as well as cutting edge observation and surveillance systems. The project will be completed within two years.
Elbit Systems president and CEO Joseph Ackerman said, "Our selection for this upgrade project, following previous projects we have carried out for this customer, attests to the high level of satisfaction with our systems and performance."
Ackerman added that both Elbit Systems subsidiaries Elbit Systems Land & C4I - Tadiran and Elbit Systems Electro-optics (Elop) will take part in the project.
Elbit Systems shares rose 0.15% on Friday to close at $53.03, giving a market cap of $2.27 billion. Elbit's shares are up 2.1% on the Tel Aviv Stock Exchange (TASE) today.
Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2010
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