IAI Elta wins Finland radar systems deal

ELTA radar system Photo; PR
ELTA radar system Photo; PR

The C-MMR system identifies rocket fire, artillery shells, and mortar shells, and provides warning of such launchings.

Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) unit Elta Systems has signed a deal to supply multi-task radar systems to the Finnish army. Elta declined to state the price of the deal or the number of systems that would be delivered to Finland, but defense market sources said the deal was for tens of millions of dollars.

The Finnish army selected Elta's radar in a tender, beating out a European company in the last stage. The radar systems that Elta will supply are C-MMRs from the MMR series, which also includes radar systems used by the Iron Dome active missile defense system.

These radar systems are smaller than the ones used for Iron Dome. They can identify rocket fire, artillery shells, and mortar shells, and provide warning of such launchings.

Elta told "Globes" today that because they are multi-task, the radar systems to be supplied to the Finnish army are capable of simultaneously identifying artillery fire and conducting aerial surveillance, and can therefore significantly restrict air movement of hostile forces in various areas.

Elta CEO Yoav Turgeman said today that the system would be delivered to Finland in 2021, and that the company had already sold over 100 MMR systems worldwide. "These systems provide a solution for a wide range of operational needs, while creating a full aerial picture and a response to a wide variety of threats," he said.

Turgeman added that Elta was preparing for additional tenders for procurement of radar in both Finland and other European countries.

This is IAI's second deal with the Finnish army in the past year. Last summer, IAI reported that it would supply the Finnish navy with Gabriel sea-to-sea missiles for €162 million. The deal included an option for follow-on procurement amounting to over €190 million.

Defense sources said that the under the deal, IAI would supply Finland with the Gabriel 5, the most advanced version of this missile.

Published by Globes, Israel business news - en.globes.co.il - on January 21, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

ELTA radar system Photo; PR
ELTA radar system Photo; PR
Africa Israel Residence CEO Ronit Eshed Levy credit: Cadya Levy "Jewish communities abroad want to move together to Jerusalem"

Africa Israel Residence CEO Ronit Eshed Levy told the Globes Going Long on Israel investment conference about urban renewal in Jerusalem.

Arkia aircraft credit: Arkia Arkia to introduce business class on New York flights

For the first time in its history Arkia will operate business class with round-trip Tel Aviv New York tickets starting from $3,500.

Knesset passes 2025 budget credit: Noam Moskovitz Knesset Spokesperson Knesset approves 2025 state budget

The NIS 620 billion budget has ballooned by NIS 100 billion and will rely on a fiscal deficit of 4.9% of GDP.

Tel Aviv Stock Exchange  credit: PR Volumes peak on Tel Aviv Stock Exchange

Greater optimism in Israel and a shift away from US markets have brought trading volumes in Tel Aviv to a historical high, but will the trend be sustained?

Volkswagen credit: PR VW announces huge collaboration with Mobileye

A new advanced driving assistance system will be installed in millions of cars annually.

Navina founders Ronen Lavi and Shay Perera credit: Eyal Izhar Israeli clinical AI co Navina raises $55m

Navina equips clinicians and care teams with real-time, data-driven insights that improve the quality of care and financial outcomes.

Yoni Assia  credit: eToro PR Trading platform eToro set for IPO

The company has filed a prospectus with the SEC, showing that its revenue tripled in 2024, with 96% deriving from crypto trading.

Minister of Finance Bezalel Smotrich and Minister of Transport Miri Regev  credit:  Marc Israel Sellem, The Jerusalem Post Deal: Gush Dan congestion charge for Kiryat Shemona railway

Miri Regev is close to final agreement with the Ministry of Finance on funding for her pet project in return for removal of her objection to the congestion charge.

Nakash brothers credit: Aviv Hoffi Nakash brothers set to dissolve Israel partnership

Avi Nakash has fallen out with Joe and Rafi Nakash over his claims that former CEO Avi Hormaro stole rights in the Group's companies, which include Arkia, the Orchid hotel chain and Ampa.

Air Haifa  credit: ATR Paphos ban for Israeli airlines continues to May

Air Haifa has postponed the launch of its Haifa-Paphos route until May 1, signaling that the security ban on Israeli airlines using the Cypriot airport will continue in April.

ONE ZERO CEO Eyal Gafni credit: Cadya Levy One Zero CEO: Outdated fees can be avoided with simple awareness

Eyal Gafni told the Globes "Going Long on Israel" Conference that with higher awareness the public can stop keeping their money in current accounts with zero returns.

Shekels credit: Shutterstock Vladerina32 Shekel rebounds on volatile forex market

Without a further trigger, such as an escalation on the security front or a further deterioration in political stability, there is no expectation in the market for foreign exchange turmoil.

Ishay Davidi credit: Cadya Levy FIMI CEO: Foreign investors flocking back to Israel

Ishay Davidi told the Globes "Going Long on Israel" Conference that investors who pulled out of Israel after October 7 have begun returning in large numbers.

Yali Rothenberg  credit: Cadya Levy Accountant General: No prospect of rating upgrade

Ministry of Finance Accountant General Yali Rothenberg sees 2025 as a stabilizing year for Israel's debt:GDP ratio.

Wix Credit: PR Wix employees gain $102m on options

The intrinsic value of options exercised by Wix employees in 2024 rose to $102 million from $19.5 million in 2023.

Tel Aviv Stock Exchange credit: Shutterstock Tel Aviv stocks: Rebound or long slide?

Statistics show a two-thirds chance of high returns after a steep one-day fall. Yields on Israel government bonds are rising sharply.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018