Elbit Systems Awarded $172 Million Contract to Supply Light Tanks to a Country in Asia-Pacific

Rhea-AI Summary

Elbit Systems Ltd. (NASDAQ: ESLT) has secured a $172 million contract to supply light tanks to an Asian-Pacific country's army. This contract, expected to span three years, involves the delivery of the 'Sabrah' light tank based on the tracked ASCOD platform from General Dynamics and the wheeled Pandur II 8X8 from Excalibur Army. The 30-ton tanks will feature a 105mm turret and advanced subsystems, enhancing operational effectiveness. CEO Bezhalel Machlis emphasized the strategic collaboration with General Dynamics, aiming for expanded market opportunities.

Positive

• Awarded a $172 million contract, enhancing revenue.
• The Sabrah light tank's advanced capabilities may attract further contracts.

Negative

• None.

HAIFA, Israel, Jan. 26, 2021 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) and (TASE: ESLT) ("Elbit  Systems" or "the Company") announced today that it was awarded a contract valued at approximately $172 million to supply light tanks to the Army of a country in Asia-Pacific. The contract will be performed over a three-year period.

As the prime contractor, Elbit Systems will supply the "Sabrah" light tank solution based on the tracked ASCOD platform that is manufactured by General Dynamics European Land Systems Santa Bárbara from Spain ("GDELS"), and on the wheeled Pandur II 8X8 platform manufactured by Excalibur Army from the Czech Republic. The 30-ton "Sabrah" light-tank solution provides a unique combination of powerful fire capacity and high maneuverability. Both platforms will be equipped with a 105mm turret and a range of the Company's subsystems, including electro-optical sights, fire control systems, TORCH-X^TM battle management systems, E-LynX^TM software defined radio systems and life support systems. 

Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: "This light tank contract reflects the mutually beneficial strategic co-operation between Elbit Systems and GDELS, based on joint development and manufacturing of vehicle-turret solutions. Our comprehensive portfolio of subsystems provides us with a strong position in the armored vehicle market, especially as mission requirements become more diverse and increasingly networked. We believe that the "Sabrah" light tank solution can provide high operational value for additional Armed Forces."

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
j.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 is the value of the contract awarded to Elbit Systems on January 26, 2021?

Elbit Systems was awarded a contract valued at approximately $172 million.

Which platforms are used for the Sabrah light tank supplied by Elbit Systems?

The Sabrah light tank is based on the tracked ASCOD platform and the wheeled Pandur II 8X8 platform.

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

The contract will be performed over a three-year period.

What type of military equipment is Elbit Systems supplying under the new contract?

Elbit Systems is supplying light tanks under the new contract.

What key features does the Sabrah light tank include?

The Sabrah light tank includes a 105mm turret and various advanced subsystems.