Defense Contractor Elbit Wins Israeli Navy Contract
Elbit will supply the Israeli navy with electronic warfare systems for its Sa’ar 6-class corvettes, assigned to guard Israel’s gas rigs
15:0307.08.18
Israeli defense contractor Elbit Systems Ltd. has won a contract worth around $85 million with Israel’s Ministry of Defense, Elbit announced Tuesday. As part of the 10-year contract, Elbit will supply the Israeli navy with electronic warfare systems for its Sa’ar 6-class corvettes, assigned to guard Israel’s natural gas rigs. The systems include digital receivers, signal processing technologies, and analysis tools.
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Dually listed on Nasdaq and the Tel Aviv Stock Exchange, Elbit and its subsidiaries manufacture and distribute defense electronics and products in a variety of technological domains, including communications, aerospace, land and naval systems, surveillance, and reconnaissance.
A drilling platform at the Tamar gas reserve. Photo: PR Headquartered in Israel’s northern port city of Haifa, Elbit was founded in 1966 and has around 13,000 employees worldwide, 10,000 of which in Israel. In 2017, Elbit reported revenues of $3.3 billion and GAAP gross profit of $997.9 million, compared to $959.6 million in 2016.
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In June, Elbit announced it has received the regulator’s approval to acquire state-owned Israeli arms manufacturer Israeli Military Industries (IMI) Systems Ltd., for NIS 1.8 billion (approximately $495 million). An additional payment of NIS 100 million (approximately $27 million) will be made contingent upon IMI meeting certain performance goals.
