Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) announced today that it has been awarded contracts totaling $130 million to deliver an artillery munitions production line to a country in Asia-Pacific. Elbit said that the contracts will be performed over 30 months.
Under the terms of the contracts, Elbit Systems will build a turnkey industrial complex for enhanced manufacturing of artillery munitions.
Elbit Systems president and CEO Bezhalel Machlis said, "This contracts award attests to the quality of our portfolio and to our proven capability to perform technology co-operations in partnering countries."
Even before the Russian invasion of Ukraine, Elbit's share price was outperforming and the company has been further boosted in recent weeks by announcements from European countries that they are increasing their defense budgets. Sweden said that it is increasing its defense budget by 2% of GDP and Germany has committed $100 billion more to defense spending.
Elbit's share price rose 1.29% on Wall Street on Friday to $233.73, giving a market cap of $10.352 billion. The share price is up 4.02% on the TASE today to NIS 771.50, giving a market cap of NIS 34.06 billion.
Published by Globes, Israel business news - en.globes.co.il - on March 27, 2022.
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