Elbit Systems wins $260m Brazilian Army order

Just last week, Elbit System acquired two Brazilian defense electronic companies.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) Brazilian subsidiary, Aeroeletronica Ltda. has won a $260 million Brazilian Army follow-on order for the supply of UT30 BR 30 mm unmanned turrets, as part of the army's Guarani Project. Elbit Systems won the contract in an open international tender in 2009.

Elbit Systems will install the unmanned turrets on several hundred Brazilian Army Iveco 6x6 armored personnel carriers.

Elbit Systems president and CEO Joseph Ackerman said, "The award is a major milestone for AEL in our continuing process to enhance local Brazilian capabilities and technologies. Winning such a prestigious project attests to our leadership in the field of innovative land solutions, and we hope other customers will follow, both in Latin America and throughout the world."

Just last week, Elbit System acquired two Brazilian defense electronic companies, companies, Ares Aeroespecial e Defesa SA and Periscopio Equipamentos Optronicos SA.

Elbit Systems' share price rose 0.8% on Nasdaq yesterday to $54.87, giving a market cap of $2.34 billion, and the share price rose 1.7% in early trading on the TASE today to NIS 198.30.

Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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