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Friday, April 28, 2017

Elbit JV with KBR, Affinity, Awarded a Contract Valued at Approximately GBP500 M

  • For the UK Military Flight Training Systems Programme

Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that Affinity Flying Services Limited ("Affinity"), its UK joint venture with Kellog, Brown and Root Limited ("KBR"), was awarded a fixed price contract for the support of Ascent Flight Training (Services) Limited ("Ascent"), in the delivery of the UK Military Flight Training System ("UKMFTS") programme for the UK Ministry of Defence ("MOD"). Elbit Systems and KBR, each holding a 50% share in Affinity, will evenly support and benefit from the programme.

The UKMFTS programme is an innovative partnering agreement between UK Front Line Commands, the UK MOD, Ascent and other leading industry partners to deliver aircrew training for the 21st century.

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Revenue for Affinity associated with this programme is estimated to be approximately £500 million ($713 million) over an eighteen-year period.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said:"We are very proud to take part in such an important project for the UK MOD. This award attests to our position as a leading provider of systems and training infrastructure, as well as maintenance and logistics support services". Machlis added: "The United Kingdom is one of Elbit Systems' primary markets. The award of the contract to deliver this key programme for the UK's armed forces is a significant recognition of our proven ability to adapt and deliver innovative global solutions to meet the specific needs of the UK market and customer".

Source : Elbit Systems Ltd. - view original press release

Published on ASDNews: Feb 2, 2016


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