Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a Brazilian Air Force contract subsidiary for unmanned aerial vehicles (UAV). The company's Brazilian subsidiary Aeroeletrônica Ltda. will supply the Hermes 450 UAVs. Elbit Systems said that the value was not material to the company.
The UAVs are part of a Brazilian Air Force project to establish independent unmanned aerial systems capabilities, allowing for self-reliant operation and development of UAVs in the country. Based in Porto Alegre, Aeroeletrônica carries out a range of projects for the Brazilian military.
Aeroeletrônica will utilize technological capabilities of Elbit Systems to develop the future Brazilian UAV capability.
Elbit Systems president and CEO Joseph Ackerman said that he hopes that the new project will further strengthen the cooperation between the subsidiary and the Brazilian Air Force, as well as other Brazilian customers.
Elbit Systems' share price rose 0.5% on Nasdaq yesterday to $54.25, giving a market cap of $2.32 billion, and rose 0.5% in early trading on the TASE to NIS 192.60.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2011
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