Defense electronics company ITL Optronics Ltd. (TASE: ITL) said today that its Pennsylvania-based subsidiary Fraser Volpe LLC has won a $15 million contract from the US Army.
Under the terms of the deal, Fraser Volpe will supply electro-optic stabilized systems for observation and target acquisition, as well as replacement parts. The systems are part of Fraser Volpe's flagship product family and are already in use by the US Army.
The products will be delivered over the next three years.
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) recently increased its stake in ITL to about 87.85%, after it bought the remaining stake held by Mikal. The remaining shares ITL are held by the public.
ITL shares are up around 92.6% in 2010.
Published by Globes [online], Israel business news - www.globes-online.com - on October 10, 2010
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