Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Elbit Bags $548M Contract In Asia-Pacific; Completes Sale Of Ashot

  • Elbit Systems Ltd (NASDAQ:ESLT) has secured a contract valued at $548 million to supply military-wide multi-domain combat networked warfare capabilities to the Armed Forces of a country in Asia-Pacific.
  • ESLT, which is engaged in networked warfare programs in several countries, will perform the contract over a four-year period. The program will include extensive co-development efforts and the transfer of know-how.
  • "This significant contract award to execute a military-wide networked warfare program further validates the leading position we hold in the growing areas of C4ISR and multi-domain networked warfare," commented CEO Bezhalel (Butzi) Machlis.
  • Also Read: Elbit Systems Secures $220M Contract To Supply Precision Guidance Kits
  • Separately, Elbit also disclosed the completion of the sale of all ordinary shares held by its Israeli subsidiary, IMI Systems Ltd., in IMI's 84.98%-owned subsidiary, Ashot Ashkelon Industries Ltd., and all capital notes of Ashot held by IMI and Elbit, to FIMI Opportunity Funds, for ~$84 million in cash.
  • Price Action: ESLT shares are trading higher by 5.45% at $230.51 on the last check Thursday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.