Israeli defense contractor Elbit Systems (NASDAQ:ESLT) is getting richer Down Under.
Late Sunday night, or very early Monday morning, depending on your time zone, Elbit announced that the Australian Department of Defence has awarded the company $229 million worth of additional work under a preexisting three-year-long contract to develop the Australian Defence Forces', or ADF, Battle Management Systems, or BMS.
Specifically, ADF is exercising options to have Elbit perform additional work on BMS and also conduct unspecified "risk reduction activity" on the project. Elbit's BMS project involves improving communications among ADF infantry forces and the Royal Australian Navy, including through improving coordination of direct and indirect fire support for ground forces. Improved networking among combat units is also part of the contract.
Fool contributor Rich Smith and The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.