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Electrical systems co Imco shares jump on Leopard plans

23 Feb, 2011 20:35
שלח תגובה במיילAviv Levy

IDF will procure hundreds of new Leopard APCs over the next ten years at a cost of NIS 10 billion.

A week has passed since a special ministerial committee decided that the IDF will procure hundreds of the new Leopard armored personnel carrier (APC) over the next ten years, at a cost of NIS 10 billion. The Ministry of Defense said that the plan was good news for at least 200 Israeli manufacturers.

One of the possible beneficiaries of the Leopard plan is Imco Industries Ltd. (TASE: IMCO), controlled by the Yakir family, which supplies electrical and video systems to the Leopard. The company's share price has risen 22% since the announcement, including 1.9% by mid-afternoon today, to NIS 31.37, giving a market cap of NIS 154 million.

The IDF used Leopard systems in Operation Cast Lead in Gaza in late 2008. Imco is the chief contractor for the Leopard's electrical systems, and it is expected to be the chief contractor for new APCs that will be procured.

Imco carries out various projects for the Ministry of Defense, which has been the company's largest customer in recent years.

Imco chairman Avraham Bar-David said, "Most of our products are systems delivered overseas. The new project ensures the continuation of a large part of our operations for the next few years."

Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2011

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

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