The initial down payment for the upgrade of the country's air force was made on June 8.
Elbit Systems (Nasdaq: ESLT) reports that the contracts it received for the modernization of the Brazilian Air Force F-5 aircraft have become effective and the initial downpayment was made on June 8, 2001. This follows Elbit Systems’ announcement on January 4, 2001 regarding the approval by the Brazilian Senate of the financing terms of the F-5 modernization program.
The value of the contracts, received by Elbit Systems from Embraer, the Brazilian aircraft company, and the Brazilian Aeronautics Command, is $230 million over 6 years.
The modernization program of the Brazilian Air Force F-5 aircraft, designated F-5BR, will be jointly developed by Embraer and Elbit Systems.
Elbit Systems shares in Tel Aviv are down -0.2% at NIS 62.70. In New York, the company’s shares closed on Friday at $15.32.
Published by Israel's Business Arena on 11 June, 2001