January 28, 2013
Israeli defense contractor Elbit Systems (NASDAQ: ESLT ) announced in a press release Sunday that the Israel Ministry of Defense has awarded the company a $35 million contract to develop Unmanned Aircraft Systems (UAS) features. Elbit will deliver its systems within three years.
The new deal will add to Elbit's existing $90 million contract to provide Hermes 900 unmanned aircraft, as well as maintenance services, that the Ministry of Defense awarded the company last year.
Elbit's UAS Division General Manager Elad Aharonson was quoted in the press release as saying, "The IMOD's decision to award this development contract reflects the trust and recognition of our technological capabilities and further strengthens our long-term strategic cooperation with the Israel Defense Forces in the UAS field."