The Israeli Company Elbit Systems 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. The tank upgrade includes night vision technology integration. Elbit Systems will also provide equipment such as gunner sights and fire control systems.
Elbit Systems said that the upgrade program will provide the tanks with night operation capabilities through advanced systems such as gunner sights and fire control systems.
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.
The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, signal intelligence ("SIGINT") systems, data links and communications systems and radios.
The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems.