Elbit System Brazilian unit wins $25m Embraer order

AEL Sistemas will supply systems for Embraer's new KC-390 military transport and refuel jet.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) Brazilian subsidiary AEL Sistemas SA has won a $25 million contract from Embraer SA (NYSE: ERJ; BOVESPA: BR3) to supply various systems for Embraer's KC-390 military transport and refuel jet.

AEL will supply Embraer Defesa e Segurança SA with self-protection suites (SPS); directional infrared countermeasures (DIRCM); and pilot orientation head-up displays (HUD). AEL already supplies the mission computer for the new jet. The KC-390 is being developed for Brazilian Air Force, with the initial test flights planned for 2014, the initial delivery scheduled for 2016.

AEL president Shlomo Erez said, "This selection attests to AEL's relevance to the most advanced aircraft industries, and we are pleased to have this opportunity to share our know-how and proven experience with our partner, Embraer."

Elbit Systems' share price fell 1.8% on Nasdaq yesterday to $42.47, giving a market cap of $1.81 billion, but rose 0.8% in morning trading on the TASE today to NIS 156.30.

Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2011

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

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