Elbit Systems Awarded $38 Contract to Operate, Maintain and Service the T-6 Trainer Fleet of the Israeli Air Force

Rhea-AI Summary

HAIFA, Israel, June 22, 2020 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) has secured a $38 million contract from the Israeli Ministry of Defense for the operation, maintenance, and logistic services of the T-6 trainer aircraft fleet for the Israeli Air Force (IAF). This contract, covering the next five years with a potential extension, continues Elbit's decade-long support to the IAF, enhancing flight safety and operational efficiency during cadet training. Elbit also operates other IAF fleets.

Positive

• Awarded a $38 million contract from the Israeli Ministry of Defense, ensuring continuous revenue.
• Contract duration of five years with a potential five-year extension, indicating long-term stability.
• Continued support to the IAF enhances the company's reputation and credibility in defense contracts.

Negative

• None.

HAIFA, Israel, June 22, 2020 /PRNewswire/ --  Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that it was awarded a contract valued at approximately $38 million from the Israeli Ministry of Defense to provide operation, maintenance and logistic services for the Textron T-6 trainer aircraft ("T-6") fleet of the Israeli Air Force ("IAF"). This contract award follows a decade during which Elbit Systems has provided the IAF with operation and maintenance services for the T-6 fleet, meeting the IAF's standards of service, availability and flight safety. The contract will be executed over a five-year period, with an option for an additional five-year period.

The T-6 fleet is used by the IAF for cadet test flights during the basic training phase of the Flight Academy course. Elbit Systems also provides logistic services and training technologies to two other fleets of the IAF Flight Academy, the M-346 trainer jet fleet and the GROB G-120A trainer jet fleet. In addition, a joint venture of Elbit Systems UK and a subsidiary of KBR, Inc. (NASDAQ: KBR) provides procurement, operations and maintenance services for three aircraft types of the UK Army Flight Academy.

Yoram Shmuely, General Manager of Elbit Systems Aerospace Division said, "We are proud to have been trusted with the continuation of our services that support the IAF's operational and economic objectives. We believe that our proven experience and strong reputation in this area position us well to cater to the needs of additional Air Forces as they increasingly seek to improve the effectiveness and efficiency of training operations."

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.

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.

 

Contacts:

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

 

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SOURCE Elbit Systems Ltd