Herley Industries (NASDAQ-HRLY) announced that General Microwave Israel (GMIC), it's Israeli subsidiary, has won a major contract from a European customer to manufacture advanced synthesizers for a new generation of electronic warfare systems.
Follow-on production contracts will be multi-year programs and could generate significant additional business.
GMIC won this important award after intense technical domestic and international competition. In addition to the European customer, GMIC expects to market this product to companies worldwide.
At a recent strategic meeting held at the GMIC facility in Israel, Herley Senior management decided to immediately expand production capacity by a minimum of 20%.
Lee Blatt, Chairman and CEO of Herley said, ``The business of GMIC, based on current outstanding proposals, and a rising level of orders on the books necessitate this increase in plant size. We are extremely pleased with our Israeli operations and believe that this 20% increase is just the first step that will allow GMIC to achieve significant revenue growth in the near term.''
Herley Industries, Inc. is a microwave technology company, providing sophisticated components and systems for the defense/aerospace, satellite launch and commercial markets worldwide.
Published by Israel's Business Arena on April 27, 2000.