Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) today signed a memorandum of understanding with The Boeing Company (NYSE: BA) to jointly market Elbit Systems' US built Hermes 450 and 900 unmanned aerial vehicles (UAV) to selected countries. The agreement was signed at the Farnborough Airshow.
The Hermes 450 is a primary IDF UAV for use in counterterrorism operations. The UAV has collected more than 400,000 operational flight hours. The Hermes 900 has over-the-horizon, multi-mission, and multi-payload capabilities for area dominance and for continuous intelligence, surveillance, target acquisition and reconnaissance (ISTAR) missions. It can also carry out ground support and maritime patrol missions.
Boeing Missiles and Unmanned Airborne Systems VP and general manager Debbie Rub said, “This partnership further expands and enhances Boeing’s longstanding relationship with Elbit Systems to include unmanned products. The Hermes product line provides a medium-altitude, long-endurance capability that complements the Boeing unmanned portfolio while addressing an important need for US warfighters and allies on today’s ever-changing battlefields."
Elbit Systems' share price rose 0.1% in early trading on Nasdaq to $33.50, giving a market cap of $1.42, after rising 0.1% on the TASE to NIS 133.80.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2012
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