While the war has resulted in thousands of Israeli employees being put on unpaid leave, defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) has recently hired hundreds of temporary employees for its production line.
A short while after the start of the war, the company posted ads on social media for suitable candidates over 18 to commit to work at its production plant in Ramat Hasharon for a period of two months for the IDF, and recruited suitable employees.
The ads had the telephone number of Elbit Land Division's VP human resources and promised budding employees eight hours work per day, plus overtime, and all social benefits.
Elbit Systems told "Globes," "Elbit Systems has mobilized to support the needs of the IDF and is working on an emergency 24/7 footing. As part of this we have call;ed on available employees to join our ranks."
At the end of 2022, Elbit Systems, led by CEO Bezhalel Makhlis, had 18,407 employees worldwide. The plant in Ramat Hasharon was formerly part of Israel Military Industries (IMI), which Elbit acquired five years ago from the government for NIS 1.9 billion, and which became part of Elbit's Land Division. IMI develops and manufactures a broad range of ammunition for land, air and naval forces as well as guided missile systems, armored vehicles, protection systems, and more.
Elbit Systems is traded on Nasdaq with a market cap of $8.3 billion. Since the start of the war the company's share price has fallen 10.7%, although the share price is still 14.7% up from the start of 2023.
Earlier this week, Elbit announced that it had won a $135 million contract to establish an artillery ammunition factory for an international customer.
Published by Globes, Israel business news - en.globes.co.il - on October 31, 2023.
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