Released on Thursday, December 25, 2008
IAI and Elbit Systems Awarded $141 Million Contract to Supply Combined Airborne Imagery Intelligence Systems to the Turkish Air Force
Aselsan will be the project's prime contractor. IAI's share will be $54 million and Elbit Systems' will be $87 million
Israel Aerospace Industries Ltd. (IAI) and Elbit Systems Ltd. (NASDAQ:ESLT) announced today that their respective subsidiaries, ELTA Systems Ltd. (ELTA) and Elbit Systems Electro-Optics Elop Ltd. (Elbit Systems Electro-Optics) have been awarded a $141 million contract ($54 million awarded to ELTA and $87 million awarded to Elbit Systems Electro-Optics) to supply the Turkish Air Force with combined airborne IMINT (Imagery Intelligence) systems.
The contract will become effective upon Elbit Systems Electro-Optics and ELTA completing the process for providing performance bonds for the project, which is anticipated to occur in the coming weeks.
Deliveries under the contract will be made over a four-year period.
Nissim Hadas, IAI Corporate VP & President of ELTA Systems said: "ELTA has developed, over the years, numerous IMINT Systems, ranging from fighter aircraft pods through various UAV payloads to business jet installed SAR systems. Some of those SAR systems are already fully operational in some countries. Together with its radar and system design and integration capabilities, ELTA has also developed an extensive exploitation capability for comprehensive ISR (Intelligence, Surveillance and Reconnaissance) applications. This IMINT systems contract adds an important support to ELTA'S position as a world leader in Intelligence Systems, in general, and in integrated IMINT systems, in particular." Hadas added: "We are proud to work together with Elop on this program".
Haim Rousso, General Manager of Elbit Systems Electro - Optics said: "We are very proud that the Turkish Air Force, one of the most advanced and modern in the world, has chosen our reconnaissance system. The system is based on a well-developed and proven solution, which has already been chosen by several leading Air Forces and has recorded thousands of successful operational flight hours in severely demanding conditions." Rousso added: "This contract establishes Elbit Systems Electro-Optics' advanced position as one of the world's leading companies in the field of aerial reconnaissance. The system selected by the Turkish Air Force is a world leading solution, and we are very pleased to partner with ELTA in providing this solution".
Electronic Gear & Sensors
Sales & Contracts
IAI - Israel Aerospace Industries
IMINT - Imagery Intelligence
SAR - Synthetic Aperture Radar
UAV - Unmanned Aerial Vehicle