Elbit Systems to deliver, upgrade communications equipment for Israeli Defense Forces under $280 million Israeli Ministry of Defense efficiency initiative
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.