Elbit Systems unit Cyclone will supply structural components to Boeing over the next seven years.
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a $80 million follow-on contract from Boeing Company (NYSE: BA) to supply structural components. Subsidiary Elbit Systems Cyclone Ltd. will supply the components over the next seven years.
Elbit Systems Aerospace Division co-general manager Yoram Shmuely said, "This contract represents another step in positioning Cyclone as a major supplier to leading aerospace companies and other customers. It also reflects the recognition and trust we have established with Boeing in our many years of working together .We believe this contract with Boeing will pave the way for further business in the fast-growing aerostructures market, characterized by advanced technologies and innovative composite materials."
Elbit Systems' share price rose 1.2% in early trading on the TASE today to NIS 135.10, after rising 1.4% on Nasdaq yesterday to $34.51, giving a market cap of $1.47 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2012
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