Elbit mulls setting up Yeruham engineering center

Bezhalel Machlis  / Photo: Elbit Systems PR, ira prohorov

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) is considering establishing an engineering center in the Negev town of Yeruham. The company announced today that it was cooperating with the Yeruham City Council and Yeruham Mayor Tal Ohana. Consideration of the center as part of Elbit Systems' land division is in the advanced planning stages. According to the plan, the center will initially employ 20 engineers, and will be expanded later.

Elbit Systems is already a major employer in southern Israel, with operations in Ashkelon, Sderot, Arad, Beersheva, and Ramat Beka in the Negev. The announcement of cooperation with the Yeruham City Council comes at the same time as Elbit Systems' announcement that the Ministry of Defense Directorate of Production and Procurement (DOPP) would spend NIS 133 million on procuring relays for Merkava tanks and Namer armored fighting vehicles (AFVs) from Ashot Ashkelon Industries, a subsidiary of Elbit Systems and IMI Systems. Elbit Systems has 400 employees in the plant, which specializes in manufacturing mobility systems for tans and AFVs.

As part of its cooperation in Yeruham, Elbit Systems will hold an event for the technology accelerator for innovation in the land systems at the SW science center in Yeruham. The event will be a 48-hour hackathon with 60 engineers and 30 high school technological entrepreneurship students participating. At the conclusion of the hackathon, the groups will present their solutions to a panel of judges selected from Elbit Systems executives in order to obtain financing for developing the technology into an operational system.

Elbit Systems land division EVP and general manager Yehuda Vered said, "We regard Yeruham and its mayor as strategic partners in our effort to move important technological activity to the south, given the focus and resources in Yeruham in science and technological entrepreneurship education. We are currently considering the option of building an engineering center in the city employing its residents."

Elbit Systems, managed by CEO Bezhalel Machlis, is listed on Nasdaq and the Tel Aviv Stock Exchange with a market cap of $6.8 billion.

Published by Globes, Israel business news - en.globes.co.il - on March 3, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Bezhalel Machlis  / Photo: Elbit Systems PR, ira prohorov
Bezhalel Machlis / Photo: Elbit Systems PR, ira prohorov
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018