By Courtney E. Howard
HAIFA, Israel, 29 Sept. 2011. Israeli Ministry of Defense (IMOD) officials sought to acquire new communications equipment and to partner with a company to upgrade and maintain existing communications devices for the Israeli Defense Forces (IDF). They found their solution at Elbit Systems Ltd. (NASDAQ:ESLT). Elbit won a contract to supply, upgrade, and provide maintenance services under the project, which is valued at roughly $280 million. Half that amount is designated to new communication systems over the next five years; half is for the upgrade and maintenance of existing systems over a 20-year period. The military communications project, part of an IMOD efficiency initiative, is intended to provide a supply of advanced, operationally available, communication systems for the IDF.
The project Elbit engineers and officials are establishing will help to revamp the IDF's communications inventory to make it more efficient. "A key part of the project will be performed in a development area, as part of the Israeli Government's policy to develop industries in the periphery, providing employment for dozens of local residents," explains Joseph Ackerman, president and CEO of Elbit Systems.
