Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has won a follow-on contract to supply advanced Helmet Mounted Display (HMD) systems for the Republic of Korea Army's Surion helicopter. Elbit Systems will deliver the systems over four years, adding that the contract was for an amount that is not material to the company.
Elbit Systems will supply the systems to Korea Aerospace Industries Ltd. (KAI), the Surion's original manufacture. Elbit Systems and KAI signed the original contract in 2009 as part of the Korean Helicopter Program, in which the two companies participated and demonstrated successful integration of Elbit Systems' Helmet Mounted Display on the Surion.
Elbit Systems' Aerospace Division general manager Yoram Shmuely said, "We are pleased that the Korean Army, which is considered among the world's most advanced and modern armies, decided to equip its helicopters with additional Helmet Mounted Display systems, testifying to the customer's satisfaction with the systems' performance. We consider the Republic of Korea a very important market, and we have recently established a local company, Sharp Elbit Systems Aerospace, Inc. (SESA), a jointly-owned company with Sharp Aviation K Inc., to focus on advanced military aircraft avionics. We are considering involving SESA in the performance of this Helmet Mounted Display project as well."
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2013
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