Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that UK subsidiary Elbit Systems UK has been awarded a $137 million (£100 million) contract by the UK Ministry of Defense. The deal is for the provision to the British Armed Forces of the future target acquisition solution for joint terminal attack controllers and fire support teams under the dismounted joint fires integrators (D-JFI) program. The contract will be performed over five-years.
This is the second major UK deal won by Elbit System this month. Earlier in January Elbit Systems reported that it has been awarded a $166 million deal to provide the British Royal Navy with simulation training equipment for divers. With one of the biggest defense budgets in Europe, Britain is a major market for Elbit Systems,
The D-JFI solution to be provided by Elbit Systems UK, is a networked, passive and active target acquisition solution that acquires, generates and communicates target information to effector systems for effective engagement of joint precision and non-precision fires. The solution is empowered by artificial intelligence and will interface with the radio communication systems of the British Army, Royal Air Force and Royal Marines.
Elbit Systems UK CEO Martin Fausset said: "It is essential for our Armed Forces to be able to operate swiftly and accurately in hostile environments. The systems to be supplied by Elbit Systems UK represent our commitment to continuously provide the most advanced technology to those on the frontline. The D-JFI solution will provide operational advantage to the British Armed Forces in an increasingly complex battlefield."
Elbit Systems share price rose 0.35% on Nasdaq yesterday to $137.26, giving a market cap of $6 billion.
Published by Globes, Israel business news - en.globes.co.il - on January 21, 2021
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