Elbit Systems Awarded Contracts in an aggregate amount of $240 Million to Upgrade Tanks for an International Customer

Rhea-AI Summary

Elbit Systems Ltd. (NASDAQ: ESLT) announced it has secured two significant contracts totaling $240 million for upgrading Main Battle Tanks (MBTs) for an international customer. The contracts consist of a $60 million deal to be delivered over two years and a $180 million contract over four years. These upgrades will enhance the operational capabilities of the tanks through advanced electronics. CEO Bezhalel Machlis noted a growing demand from militaries aiming to enhance their armored platforms.

Positive

• Secured contracts worth $240 million for upgrading Main Battle Tanks.
• Contracts include a $60 million deal over two years and a $180 million deal over four years.
• The upgrades will enhance operational capabilities through advanced electronics.

Negative

• None.

HAIFA, Israel, Aug. 17, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that it was awarded two contracts, in an aggregate amount valued at $240 million, to upgrade Main Battle Tanks (MBT) for an international customer. A $60 million contract will be delivered over a period of two years and a $180 million contract will be delivered over a period of four years.

Under the contracts, Elbit Systems will perform an upgrade of the MBTs and provide advanced electronics suites.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: "There is a renewed interest from militaries looking to improve the operational capabilities of their armoured platforms. I believe that Elbit Systems is uniquely positioned to address the growing demand in this market due to our ability to provide comprehensive solutions."

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:  +972-77-294866
j.gaspar@elbitsystems.com

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, 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 are the details of the contracts awarded to Elbit Systems (ESLT) on August 17, 2022?

Elbit Systems was awarded two contracts totaling $240 million to upgrade Main Battle Tanks, with $60 million to be delivered over two years and $180 million over four years.

How will the contracts impact Elbit Systems' financials?

The $240 million contracts will likely enhance Elbit Systems' revenue and demonstrate its capability in meeting defense needs.

What is the significance of the contracts for Elbit Systems (ESLT)?

These contracts signify a growing interest from militaries in enhancing their armored platforms, positioning Elbit Systems favorably in the defense market.