Elbit Systems Awarded $37 Million Contract to Supply Iron Fist APS for Upgrading U.S. Army's Bradley IFVs

Rhea-AI Summary

Elbit Systems has been awarded a $37 million contract to supply Iron Fist Active Protection Systems (APS) to upgrade the U.S. Army's Bradley Infantry Fighting Vehicles (IFVs). The system offers advanced self-defense capabilities against modern battlefield threats, providing 360-degree protection in various environments. The contract will span over 24 months, enhancing the U.S. armed forces' capabilities.

Positive

• Elbit Systems secures a lucrative $37 million contract to supply Iron Fist APS for upgrading U.S. Army's Bradley IFVs.

• The advanced Iron Fist APS enhances self-defense capabilities of armored platforms against various modern threats.

• The contract to be performed over 24 months highlights Elbit Systems' long-term commitment and stability in defense contracts.

• The partnership with GD-OTS showcases Elbit Systems' expertise and innovation in defense technology, contributing to the enhancement of U.S. armed forces' capabilities.

Negative

• Potential risks associated with the delivery timeline or product performance could impact the contract's overall success.

• Competitive pressures in the defense industry may challenge Elbit Systems' market position and profitability in the long run.

HAIFA, Israel, May 5, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that it was awarded an initial contract of approximately $37 million to supply Iron Fist Active Protection Systems (APS) to General Dynamics Ordnance and Tactical Systems (GD-OTS) for upgrades to the U.S. Army's Bradley M2A4E1 Infantry Fighting Vehicles (IFVs). The contract will be performed over a period of 24 months.

The Iron Fist APS is an advanced Hard Kill system aimed at enhancing the self-defense capabilities of armored platforms against modern battlefield threats. It is the Israel Defense Force's Second-Generation APS and is characterized by high performance and low volume, weight and power requirements. The system provides armored platforms with 360-degree protection from a wide variety of anti-armor threats, such as Anti-Tank Rockets (ATR), Anti-Tank Guided Missiles (ATGM), UAS and Loitering threats, in both open terrain and complex urban environments.

Yehuda (Udi) Vered, General Manager Elbit Systems Land: "Our Iron Fist Active Protection Systems represent the highest level of innovation, offering comprehensive protection against evolving threats on the modern battlefield. Through this strategic collaboration with GD-OTS, we are honored to contribute to the enhancement of the Bradley Infantry Fighting Vehicles, further empowering the U.S. armed forces with enhanced capabilities to fulfill their missions effectively and safely."

About Elbit Systems
Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.

Driven by its agile, collaborative culture, and leveraging Israel's technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.

Elbit Systems employs approximately 19,000 people in dozens of countries across five continents. In 2023, the Company reported approximately $6.0 billion in revenues and an order backlog of $17.8 billion.

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

Company Contact:  

Dr. Yaacov (Kobi) Kagan, Executive VP - CFO
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com

Dr. David Ravia, Investor Relations
Tel: +972 -772947169
david.ravia@elbitsystems.com

Dalia Bodinger, VP, Communication & Brand
Tel: 972-77-2947602
dalia.bodinger@elbitsystems.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 including the duration and scope of the current war in Israel, and the potential impact on our operations; 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 was Elbit Systems awarded for?

Elbit Systems was awarded a $37 million contract to supply Iron Fist APS for upgrading U.S. Army's Bradley IFVs.

What are the capabilities of the Iron Fist APS?

The Iron Fist APS offers 360-degree protection from a wide variety of anti-armor threats in both open terrain and complex urban environments.

Who is Elbit Systems collaborating with for this contract?

Elbit Systems is collaborating with General Dynamics Ordnance and Tactical Systems (GD-OTS) for this contract.

What is the significance of this contract for the U.S. armed forces?

This contract enhances the U.S. armed forces' capabilities by providing advanced self-defense systems for the Bradley Infantry Fighting Vehicles.

How long will the contract be performed?

The contract will be performed over a period of 24 months.