The company will provide the tanks with night operation capabilities.
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Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has been awarded a $290 million contract by a customer in the Asia-Pacific region to perform a tank upgrade program. The contract will be performed over three years.
Elbit Systems president and CEO Bezhalel (Butzi) Machlis said, “We are very pleased to be awarded this significant contract, demonstrating our unique capabilities and experience in upgrading main battle tanks. Asia-Pacific is one of Elbit Systems’ key markets and we are very glad to announce yet another success in this region.”
The new contract is a timely boost for Elbit Systems after yesterday’s disappointing fourth quarter and full year results for 2013 saw the company’s share price fall 3.67% on Nasdaq to $59.64, giving a market cap of $2.52 billion.
Published by Globes [online], Israel business news – www.globes-online.com