Elbit Systems' UK Subsidiary Awarded a $166 Million Contract for the Future Naval Training Program

Rhea-AI Summary

Elbit Systems Ltd. (NASDAQ: ESLT) announced that its subsidiary, Elbit Systems UK, received a contract worth approximately $166 million from the UK Ministry of Defence for the Future Naval Training Program. This 12-year initiative aims to modernize the Royal Navy's training, including the Future Submarine School. The contract positions Elbit Systems UK as a key provider of training technologies, enhancing Defence Operational Training Capability. CEO Martin Fausset emphasized the significance of this award in advancing the Royal Navy's transformation agenda.

Positive

• Elbit Systems UK awarded a $166 million contract for the UK Ministry of Defence.
• Contract duration of 12 years ensures long-term revenue stream.
• The program enhances the Royal Navy's training capabilities and operational efficiency.

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• None.

HAIFA, Israel, Jan. 11, 2021 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) and (TASE: ESLT) ("Elbit Systems" or "the Company") announced today that its subsidiary, Elbit Systems UK Ltd. ("Elbit Systems UK"), was awarded a contract valued at approximately $166 million (approximately £123 million) from the UK Ministry of Defence ("UK MOD") for the Royal Navy Future Naval Training Program ("the Program") as part of the Fisher consortium led by Capita plc. ("the Consortium").  The contract will be performed over a 12-year period.

The Program calls for the transformation and modernisation of the shore-based training of the Royal Navy including the establishment of the Future Submarine School. As the provider and integrator of training solutions for the Consortium, Elbit Systems UK will develop and deliver a new Combat Systems Operator Trainer in the Future Submarine School and modernise and manage legacy synthetic training systems across the Royal Navy. Elbit Systems UK will provide new training technologies that will improve Defence Operational Training Capability (Maritime) (DOTC(M)), while facilitating availability and efficiency of legacy capabilities.

Martin Fausset, CEO of Elbit Systems UK, said: "The Program will be a pathfinder for the Royal Navy's transformation agenda, with the introduction of enhanced training capabilities at the forefront of personnel achieving their potential and arriving at the front line quicker. We are proud to be a part of the team to deliver next-generation training capabilities to the Royal Navy, following on the success of the Company's provision of advanced training capabilities to the British Army and the Royal Air Force."

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.

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

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 UK?

The contract is valued at approximately $166 million.

Who awarded the contract to Elbit Systems UK?

The contract was awarded by the UK Ministry of Defence.

What is the duration of the contract for the Future Naval Training Program?

The contract will be performed over a 12-year period.

What will Elbit Systems UK provide under the contract?

Elbit Systems UK will develop and deliver training solutions, modernizing the Royal Navy's training systems.

How does this contract impact Elbit Systems Ltd.'s business?

The contract positions Elbit Systems UK as a key player in enhancing the Royal Navy's training, providing a significant revenue opportunity.