Elbit Systems Signs a $21.6 Million Contract With Ingalls Shipbuilding for Naval Command and Control Systems.HAIFA, Israel--(BUSINESS WIRE)--June 24, 1998--Elbit Systems (NASDAQ-NM Symbol:ESLTF) announced today that it has signed a contract with Ingalls Shipbuilding Ingalls Shipbuilding is a shipyard located in Pascagoula, Mississippi, originally established in 1938, and is now part of Northrop Grumman Ship Systems. It is a leading producer of ships for the US Navy, and at 10,900 employees, the largest private employer in Mississippi. (Ingalls), a division of Litton Industries Named after inventor Charles Litton Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001. based in Pascagola, Mississippi, for the supply of naval command and control systems and for the integration of the weapon systems as part of an upgrade program of Venezuelan Navy frigates currently being performed by Ingalls. The contract, valued at $21.6 million, is expected to be executed over 20 months. Under the contract Elbit Systems Elbit Systems Ltd. NASDAQ: ESLT is one of Israel's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit has over 8,000 employees. will be responsible for the overall integration of the ship combat system, consisting of various weapon systems, sensors
EW military action, action - a military engagement; "he saw action in Korea" systems, and will supply the hardware and software of the command and control system. This contract expands Elbit Systems' business activity in the area of naval command and control and utilizes the Company's technologies and accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. experience in developing advanced, software intensive command, control and communications (C3) systems for airborne, ground and naval applications. Elbit Systems has also developed the command and control system for the Israeli Navy SAAR Saar, region, Germany Saar, region: see Saarland. Saar, river, France and Germany Saar (zär), Fr. Sarre, river, c.150 mi (240 km) long, rising in the Vosges Mts. 5 corvette corvette, small warship, classed between a frigate and a sloop-of-war. Corvettes usually were flush-decked and carried fewer than 28 guns. They were widely employed in escorting convoys and attacking merchant ships during the great naval wars of the late 18th and , which were built by Ingalls. Elbit Systems Ltd. is engaged in a wide range of defense-related airborne, ground and command, control and communications ("C3") programs throughout the world. The Company focuses on upgrading of existing military platforms and developing new technologies for defense applications. Forward looking statements with respect to the Company's business, financial condition and results of operations, in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies as well as certain other risk factors which are detailed from time to time in the Company's SEC filings.
CONTACT: Elbit Systems Ltd.
Arie Tal, Corporate Secretary
Ilan Pacholder, Finance
Tel:(972-4) 831-6632
Fax:(972-4) 831-6659
or
Lippert/Heilshorn & Associates, Inc.
Jody Burfening/Jonathan Fox
212-838-3777
jody@lhai.com
jonathan@lhai.com
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