Elbit Systems' Subsidiary, Cyclone, Will Supply Spirit AeroSystems With Commercial Aircraft Parts Valued at $160 Million
March 04 2008 - 6:39AM
PR Newswire (US)
Largest Ever Contract for Cyclone, an Elbit Systems Subsidiary
HAIFA, Israel, March 4 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ:ESLT) announced that its subsidiary, Cyclone Aviation
Products Ltd. (Cyclone), was awarded a contract by Spirit
AeroSystems to supply doors for commercial aircraft. The contract,
valued at approximately $160 million, is Cyclone's largest contract
ever, with deliveries scheduled between 2009 and 2016. Yoram
Shmuely, Co-General Manager of Elbit Systems' Airborne Division
said: "The fact that we have been selected, again, by Spirit
AeroSystems is a testament to the customer's satisfaction and
constitutes an additional milestone in positioning Cyclone as a
major supplier to leading aerospace companies worldwide." Joseph
Ackerman, President and CEO of Elbit Systems said: "This important
contract win reflects the recognition and trust that Cyclone in
particular, and Elbit Systems in general, has established among
major global aviation companies. Elbit Systems sees the commercial
aviation market as a significant growth engine since it interfaces
with a broad spectrum of our activities. Therefore, in addition to
the significance we attribute to this contract win for Cyclone, we
also view it as an important step in substantiating Elbit Systems'
leadership in the fast-growing area of advanced avionics systems
applied in the commercial aviation industry." About Cyclone
Aviation Products and Services Ltd. Cyclone Aviation Products and
Services Ltd., located in Karmiel, Israel, is a wholly-owned
subsidiary of Elbit Systems Ltd. Cyclone's core business is
manufacturing and maintenance of aircraft structures as well as
engineering, manufacture, repair and upgrade of aircraft, UAVs and
helicopters. Cyclone manufactures both metal and composite
structural assemblies for UAVs, military aircraft such as the F-15,
F-16 and F-18, and commercial aircraft such as Boeing's 737, 747,
767 and the new "Dreamliner" 787. Cyclone also operates the Israel
Air Force's (IAF) aviation schools with Grob G-120A (Snunit)
aircraft and B-206 (Saifan) helicopters. Cyclone's customer base
includes the IAF, the U.S. Air Force, the U.S. Army and the U.S.
Navy, as well as several major aviation companies, such as Boeing,
Lockheed Martin, Sikorsky and Spirit AeroSystems. About Elbit
Systems Ltd.: Elbit Systems Ltd. is an international defense
electronics company engaged in a wide range of defense-related
programs throughout the world. The Elbit Systems Group, which
includes the company and its subsidiaries, operates in the areas of
aerospace, land and naval systems, command, control,
communications, computers, intelligence surveillance and
reconnaissance ("C4ISR"), unmanned air vehicle (UAV) systems,
advanced electro-optics, electro-optic space systems, EW suites,
airborne warning systems, ELINT systems, data links and military
communications systems and radios. The Group also focuses on the
upgrading of existing military platforms and developing new
technologies for defense, homeland security and commercial aviation
applications. This press release contains or may contain
forward-looking statements, including statements regarding the
future performance of our operations and our business strategies
and commitments. For these statements and all other forward-looking
statements, Elbit Systems Ltd. claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy or are otherwise beyond
our control and some of which might not even be anticipated. Future
events and actual results, affecting our strategic plan as well as
our financial position, results of operations and cash flow, could
differ materially from those described in or contemplated by the
forward-looking statements. Important factors that contribute to
such risks include, but are not limited to, governmental
regulations and approvals, changes in governmental budgeting
priorities, and general market, political and economic conditions
in the countries in which the Elbit Systems Group operates or
sells, including the United States. Company Contact: Joseph Gaspar,
Corporate VP & CFO Dalia Rosen, Director of Corporate
Communications Elbit Systems Ltd. Tel: +972-4-8316663 Fax:
+972-4-8316944 E-mail: IR Contact: Ehud Helft / Kenny Green G.K.
Investor Relations Tel: +1-646-201-0246 Fax: + 972-3-6074711
E-mail: DATASOURCE: Elbit Systems Ltd CONTACT: Company Contact:
Joseph Gaspar, Corporate VP & CFO, Dalia Rosen, Director of
Corporate Communications, Elbit Systems Ltd., Tel: +972-4-8316663,
Fax: +972-4-8316944, E-mail: , ; IR Contact: Ehud Helft / Kenny
Green, G.K. Investor Relations, Tel: +1-646-201-0246, Fax:
+972-3-6074711, E-mail:
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