Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that it was awarded a follow-on contract to supply advanced Helmet Mounted Display (HMD) systems for the Republic of Korea Army's SURION helicopter. The contract, which is in an amount that is not material to Elbit Systems, will be performed over a four-year period.
Elbit Systems will supply the HMD systems to Korea Aerospace Industries Ltd. (KAI), the original manufacture of the SURION helicopter. This contract award follows an initial contract that was signed with KAI in 2009 as part of the Korean Helicopter Program (KHP) and in which Elbit Systems and KAI completed and demonstrated a successful integration of Elbit Systems' HMD on the SURION.
Yoram Shmuely, General Manager of Elbit Systems' Aerospace Division, said:
"We are pleased that the Korean Army, which is considered among the world's most advanced and modern armies, decided to equip its helicopters with additional HMD systems, testifying to the customer's satisfaction with the systems' performance. We consider the Republic of Korea a very important market, and we have recently established a local company, Sharp Elbit Systems Aerospace, Inc. ("SESA"), a jointly-owned company with Sharp Aviation K Inc., to focus on advanced military aircraft avionics. We are considering involving SESA in the performance of this HMD project as well."
Source: Elbit Systems Ltd.
Date: Oct 16, 2013