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Elbit Systems, IAI get $603 million Israel defense contract
TEL AVIV |
TEL AVIV (Reuters) - A partnership between defense electronics firm Elbit Systems (ESLT.TA) and Israel Aerospace Industries (IAI) established to perform the Israeli Air Forces' future trainer program reached an agreement with the Defense Ministry for a contract worth $603 million.
Elbit Systems (ESLT.O) said on Monday its share is valued at $420 million for performing services and providing systems as a subcontractor to TOR, the advanced flight training partnership.
The contract is expected to be signed in the coming weeks, following the finalization of several financing procedures. To facilitate meeting the project's schedule, TOR received an interim purchase order and financing from the ministry, valued at $27 million.
Elbit will establish an enhanced logistic support and maintenance infrastructure for the new trainer as well as an advanced ground training array. The avionics systems to be supplied by Elbit for the project will improve the readiness of the air forces' pilots in operating next-generation aircraft.
Elbit's share in this phase of the project is valued at $110 million, to be carried out over three years.
During the operational phase of the project, Elbit will provide logistics services for the trainer and the new aircraft array, valued at $310 million, to be carried out over 20 years.
State-owned IAI is Israel's largest defense firm.
(Reporting by Tova Cohen)
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