Elbit Systems Awarded $130 Million in Contracts to Provide Artillery Munitions Production Line in a Country in Asia-Pacific

Rhea-AI Summary

On March 27, 2022, Elbit Systems Ltd. (NASDAQ:ESLT) announced contracts valued at approximately $130 million to develop an artillery munitions production line in the Asia-Pacific region. The project will last for 2.5 years and involves constructing a turnkey industrial complex for enhanced munitions manufacturing. CEO Bezhalel Machlis emphasized the contracts' reflection on the company's quality portfolio and technological capabilities in international partnerships.

Positive

• Contracts awarded worth approximately $130 million.
• Project duration of 2.5 years indicates long-term revenue potential.
• Development of a turnkey industrial complex enhances operational capabilities.

Negative

• None.

HAIFA, Israel, March 27, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ:ESLT and TASE: ESLT) ("Elbit Systems") announced today that it was awarded contracts with an aggregate value of approximately $130 million to deliver an artillery munitions production line in a country in Asia-Pacific. The contracts will be performed over a period of 2.5 years.

Under the contracts, Elbit Systems will build a turnkey industrial complex for enhanced manufacturing of artillery munitions.    

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said: "This contracts award attests to the quality of our portfolio and to our proven capability to perform technology co-operations in partnering countries."

About Elbit Systems

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.

For additional information, visit: https://elbitsystems.com, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.

Company Contact:     Joseph Gaspar, Executive VP & CFO Tel:  +972-4-8316663 Joseph.Gaspar@elbitsystems.com   Rami Myerson, Director, Investor Relations Tel: +972-77-2948984 rami.myerson@elbitsystems.com   David Vaaknin, VP, Head of Corporate Communications Tel: +972-77-2946691 david.vaaknin@elbitsystems.com

IR Contact:   Ehud Helft Kenny Green GK Investor Relations  Tel: 1-646-201-9246 elbitsystems@gkir.com

 

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business.  Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings.  The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

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SOURCE Elbit Systems Ltd.

FAQ

What contracts was Elbit Systems awarded on March 27, 2022?

Elbit Systems was awarded contracts valued at approximately $130 million to provide an artillery munitions production line in the Asia-Pacific region.

What is the duration of the contracts awarded to Elbit Systems?

The contracts will be performed over a period of 2.5 years.

How does the new contract impact Elbit Systems' business?

The new contract enhances Elbit Systems' operational capabilities and provides significant long-term revenue potential.

What is the total value of the contracts awarded to Elbit Systems?

The total value of the contracts awarded is approximately $130 million.

In which region will Elbit Systems develop the munitions production line?

Elbit Systems will develop the munitions production line in a country in the Asia-Pacific region.