Elbit Systems Awarded $80 Million Contract to Supply DIRCM and Airborne EW Self Protection Systems for a Country in Asia-Pacific

Rhea-AI Summary

Elbit Systems Ltd (NASDAQ:ESLT) announced a contract worth $80 million to supply Direct Infrared Counter Measures (DIRCM) and airborne Electronic Warfare systems to a customer in the Asia-Pacific region. Set to be executed over two years, the contract includes the provision of C-MUSIC™ DIRCM systems and Infra-Red-based Passive Airborne Warning Systems (IR-PAWS) for various aircraft, enhancing protection against shoulder-fired missiles. The systems have proven operational effectiveness, having been deployed in over 25 aircraft types by clients including Israel and Germany.

Positive

• Award of an $80 million contract enhances revenue streams.
• Provision of proven DIRCM and EW systems boosts market competitiveness.
• Enhancement of aircraft protection against shoulder-fired missiles aligns with rising global defense demands.

Negative

• None.

HAIFA, Israel, July 5, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ:ESLT) (TASE: ESLT) ("Elbit Systems" or "the Company") announced today that it was awarded a $80 million contract to supply Direct Infrared Counter Measures ("DIRCM") and airborne Electronic Warfare ("EW") systems for a country in Asia-Pacific. The contract will be performed over a two-year period.

Under the contract, Elbit Systems will provide C-MUSIC™ DIRCM systems together with the Company's Infra-Red-based Passive Airborne Warning Systems (IR-PAWS), for several aircraft types, providing high levels of protection and redundancy. These systems have accumulated hundreds of thousands of flight hours to date, and have been selected by numerous customers to equip more than 25 types of aircraft. Customers include Israel, Germany, NATO's multinational fleet and others.

Oren Sabag, General Manager of Elbit Systems ISTAR & EW, commented: "The rising threat that aircraft face from shoulder fired anti-aircraft missiles increases the demand for certified and operationally proven self-protection systems. Our capability to provide a complete and tested solution well positions us to address this growing need."

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 Contacts:

Joseph Gaspar, Senior EVP – Business Management
Tel:  +972-77-2948661
j.gaspar@elbitsystems.com

Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com

Rami Myerson, Director, Investor Relations
Tel: +972-77-2948984
rami.myerson@elbitsystems.com

David Vaaknin, VP, Brand and 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.

View original content:https://www.prnewswire.com/news-releases/elbit-systems-awarded-80-million-contract-to-supply-dircm-and-airborne-ew-self-protection-systems-for-a-country-in-asia-pacific-301580360.html

SOURCE Elbit Systems Ltd

FAQ

What is the value of the contract awarded to Elbit Systems for DIRCM systems?

Elbit Systems was awarded an $80 million contract.

Which region is the customer for Elbit Systems' latest contract located?

The customer is located in the Asia-Pacific region.

What products will Elbit Systems supply under the new contract?

Elbit Systems will supply Direct Infrared Counter Measures (DIRCM) and airborne Electronic Warfare systems.

How long will the contract for Elbit Systems' DIRCM systems last?

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

What is the stock symbol for Elbit Systems?

Elbit Systems is traded under the stock symbol ESLT.