Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that it was awarded a contract valued at $62 million to upgrade the Korean Air Force C-130 transport aircraft. Under the contract, the C-130 aircraft will be installed with various types of advanced electronic systems. In addition, Elbit Systems will convert the existing analog cockpit to a "Glass-Cockpit" using Elbit Systems' cutting-edge digital flight displays.
The project, to be performed over four years, will be executed in cooperation with Korea Aerospace Industries Ltd. (KAI), who is the leading local aircraft manufacturer in Korea.
Yoram Shmuely, Co-General Manager of Elbit Systems' Aerospace Division commented: "We are very proud of this award. It marks an additional milestone in the projects Elbit Systems has performed for the Korean Air Force in collaboration with Korea Aerospace Industries. This new contract is expected to further enhance capabilities of the Korean Air Force." Shmuely added: "The global demand for transport aircraft upgrades and the experience we have accumulated in performing various similar projects such as the previous program for the Korean C-130, as well as programs for the Romanian C-130 and the Brazilian C-95, position us as favorably for similar projects to follow."
Source: Elbit Systems Ltd.
Date: Jun 25, 2012