U.S. Army awards Elbit Systems of America $79M ID/IQ Contract for Bradley Infantry Fighting Vehicle components

Rhea-AI Summary

Elbit Systems of America has secured a $79 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract from the Defense Logistics Agency Land for supplying the U.S. Army with components for the Bradley Infantry Fighting Vehicle over five years. The contract includes an initial purchase order of $26 million and a subsequent $12 million order. The components will enhance operational effectiveness and replace damaged equipment, with production planned through 2024. This order underscores Elbit's commitment to modernizing U.S. Army capabilities.

Positive

• Awarded a $79 million ID/IQ contract by the Defense Logistics Agency Land.
• Initial purchase orders amounting to $38 million ($26 million + $12 million) confirmed.
• Production planned through 2024 for Bradley components.

Negative

• None.

FORT WORTH, Texas, Aug. 31, 2020 /PRNewswire/ -- Elbit Systems of America was awarded an Indefinite Delivery/Indefinite Quantity ("ID/IQ") contract by the Defense Logistics Agency Land based in Warren, Michigan to supply the U.S. Army with gunner hand stations, commander hand stations and circuit cards for the Bradley Infantry Fighting Vehicle ("IFV"). The contract, with a maximum value of up to $79 million, will be performed over a 5-year period. An initial purchase order of $26 million under the ID/IQ contract, followed by a second purchase order of $12 million, have been issued to be executed over a three-year period.

The gunner hand stations allow Soldiers to target and fire accurately and work in collaboration with the commander hand stations, which are used to drive the vehicle's turret and initiate control signals to the turret fire control systems. The circuit cards provide processing and power supply to the hand station units, which will replace damaged equipment from active units.

"Our team is proud to offer critical ground vehicle modernization solutions for the U.S. Army to ensure accuracy and lethality for Soldiers," said Raanan Horowitz, President and CEO of Elbit Systems of America. "Receiving this task order to support the Bradley Infantry Fighting Vehicle means U.S. ground forces remain equipped at all times with the very best technology to complete their missions."

"We have a long history of providing systems that meet the rigorous demands of the U.S. Army," said Ridge Sower, Vice President of Ground Combat and Precision Targeting at Elbit Systems of America. "These gunner and commander hand stations and associated spare parts will increase Soldiers' operational effectiveness, while keeping them safe."

For the U.S. Army's first order under this ID/IQ, Elbit Systems of America has production of the Bradley components planned through 2024.

For more information visit http://www.elbitsystems-us.com/land.

About Elbit Systems of America, LLC

Elbit Systems of America, headquartered in Fort Worth, Texas, is a leading provider of high-performance products, system solutions, and support services focusing on the defense, homeland security, law enforcement, commercial aviation, and medical instrumentation markets. With facilities throughout the U.S., Elbit Systems of America is dedicated to supporting those who contribute daily to the safety and security of the United States. Elbit Systems of America, LLC is wholly owned by Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), a global high technology company engaged in a wide range of programs for innovative defense and commercial applications. For additional information, visit: www.ElbitAmerica.com or follow us on Twitter, LinkedIn and Instagram.

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.

Trademarks

Elbit Systems of America and other trademarks, service marks and logos are registered or unregistered marks of Elbit Systems of America companies in the United States and in foreign countries. Copyright ©2020 Elbit Systems of America. All rights reserved.

Forward Looking Statement

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.

Media Contacts:

Greg Caires | 682-286-2299 | greg.caires@elbitsystems-us.com

Amy Hartley I 682-286-2411 I amy.hartley@elbitsystems-us.com

 

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SOURCE Elbit Systems of America, LLC

FAQ

What is the value of the ID/IQ contract awarded to Elbit Systems of America?

The contract is valued at $79 million.

What components will Elbit Systems supply under the contract for the Bradley Infantry Fighting Vehicle?

Elbit Systems will supply gunner hand stations, commander hand stations, and circuit cards.

When is the production for the Bradley components planned to be completed?

Production is planned through 2024.

How much was the initial purchase order issued to Elbit Systems under the contract?

The initial purchase order was for $26 million.

What does the ID/IQ contract mean for Elbit Systems and the U.S. Army?

The contract ensures that U.S. ground forces will be equipped with advanced technology for improved operational effectiveness.