IMI's Asian contracts worth $500m

Contracts include upgrades of military platforms, and sales of heavy munitions.

Israel Military Industries Ltd. (IMI) reports that contracts with Asian countries total $500 million. The contracts include upgrades of military platforms, sales of heavy munitions, and a variety of military systems. The company said today that most of the contracts were joint ventures with local defense companies.

IMI declined to mention the names of the companies and countries it signed contracts with in 2013, which was an especially good year for the government-owned company. IMI VP marketing Gil Ofer said that the most of the contracts are multiyear projects.

IMI will not participate in the Defexpo 2014 Land, Naval & Internal Homeland Security Systems Exhibition, which opens in New Delhi on Wednesday, because, two years ago, India's Ministry of Defense cut ties with the company for ten years and banned it from doing business in the country, after the company was mentioned in a corruption scandal. IMI denies the charges, and is appealing the decision. Other large Israeli defense companies will be present.

India is considered an attractive market that is full of opportunities as the country's armed forces carry out massive procurements, and IMI is not waiting for the sanctions against it to be lifted. It is preparing for the Singapore Airshow 2014, which will open at Changi Airport next week. The company's reps will present selected products from its line of precision munitions developed over the last few years.

These products include the Hatzav tank shell, which has entered service with the IDF Armored Corps. The shell penetrates the target, such as a building, to explode inside. It will also display precision artillery and tank munitions, and a new 120-mm mortar bomb with an 8-kilometer range. The company says that the mortar can be used in a range of combat situations, including an airburst over enemy forces hiding in difficult terrain and brush.

Published by Globes [online], Israel business news - - on February 4, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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