Elbit Systems wins $1.68b Greek air force deal

Bezhalel Machlis  / Photo: Elbit Systems PR, PR

The deal, which has been approved by the Israel and Greek defense ministries, is the largest-ever defense deal between the two countries.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that following an agreement between Israel's Ministry of Defense and Greece's Ministry of National Defense, it has been awarded a deal to establish and operate the International Flight Training Center of the Greek Air Force. The deal is worth $1.68 billion over 20 years and is the largest ever defense deal between Israel and Greece.

The contract has not yet been signed but approval by the defense ministries of both countries will allow the continued negotiations and finalization of the commercial details of the deal.

The program calls for Elbit Systems to deliver training aircraft fleets equipped with the company's unique avionics and embedded training solutions, and supply the flight simulators and training aids and provide logistical support. As part of the deal, the Greek Air Force will buy 10 M-346 (Lavi) aircraft and maintenance T-6 aircraft (Efroni).

Elbit Systems president and CEO Bezhalel Machlis said: "We are honored to have been selected to provide such an important capability to the Hellenic Air Force, which we believe will contribute to the further strengthening of the bi-lateral relationship between Israel and Greece. This selection attests to the leading position we hold in the area of training, providing tested know-how and proven technologies that improve readiness while reducing costs."

Published by Globes, Israel business news - en.globes.co.il - on January 5, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Bezhalel Machlis  / Photo: Elbit Systems PR, PR
Bezhalel Machlis / Photo: Elbit Systems PR, PR
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