HAIFA, Israel, April 25, 2013 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ and TASE: ESLT)
("Elbit Systems") announced today the establishment of Sharp Elbit
Systems Aerospace, Inc. ("SESA"), a jointly owned company in
South Korea, with Sharp Aviation K
Inc. ("Sharp Aviation K"), located in Seoul, South Korea. Elbit Systems will own
19% with a growth option to 50% ownership.
SESA will operate in Ansan and among other capabilities, will
offer maintenance, repair and manufacture of advanced military
aircraft avionics as well as research and development of systems
and avionics for both existing and future projects, such as the
Korean Light Attack Helicopter (LAH) and the Korean Future Fighter
(KFX) development projects. Contracts currently operated by Sharp
Aviation K will be transferred to SESA as part of the
transaction.
As a Korean company, SESA will also be able to offer offset
solutions to foreign suppliers and OEM's selling defense goods and
services in Korea.
Mr. Soon-Suk Paik, President and
CEO of Sharp Aviation K commented: "Working with the Defense
Acquisition Program Administration (DAPA) of Korea and
international and Korean manufacturers, SESA will offer the Korean
aerospace market advanced solutions and systems, made in Korea and
based on Elbit Systems' technological portfolio and Sharp Aviation
K's vast experience in aviation and avionics, strong local presence
and deep understanding of the Korean market".
Mr. Bezhalel (Butzi) Machlis, Elbit Systems' President and CEO,
noted: "The establishment of this new company is a significant step
for Elbit Systems in Korea, which we consider to be a very
important market. We trust that establishing this jointly owned
company will bring new opportunities and will be of mutual benefit
for both our companies and for Korea".
About Sharp Aviation K
Sharp Aviation K Inc. is an aviation services company in Korea
engaged in nationwide commercial and defense programs.
With a mission of "being the customer's strategic partner and
their first choice in aviation services in Korea", Sharp Aviation K
and its subsidiaries have been in the Korean market since 1964, and
operate in the areas of commercial airlines' passenger and cargo
GSSA, full ground handling services, cargo terminal, FAA repair
shop, aircraft parts, fuelling, in-flight catering and other
related services in six airports in Korea and is currently building
an aircraft maintenance hangar at Incheon International
Airport to further strengthen the company's position as an
independent total aviation service provider in Korea.
For additional information, please visit:
http://www.sharp.co.kr
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics
company engaged in a wide range of programs throughout the world.
The Company, which includes Elbit Systems and its subsidiaries,
operates in the areas of aerospace, land and naval systems,
command, control, communications, computers, intelligence
surveillance and reconnaissance ("C4ISR"), unmanned aircraft
systems ("UAS"), advanced electro-optics, electro-optic space
systems, EW suites, airborne warning systems, ELINT systems, data
links and military communications systems and radios. The
Company also focuses on the upgrading of existing military
platforms, developing new technologies for defense, homeland
security and commercial aviation applications and providing a range
of support services.
For additional information, please visit:
http://www.elbitsystems.com.
This press release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended) regarding Elbit Systems Ltd. and/or its subsidiaries
(collectively the Company), to the extent such statements do not
relate to historical or current fact. Forward Looking
Statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may
differ materially from these forward-looking statements due to a
variety of factors, including, without limitation: scope and length
of customer contracts; governmental regulations and approvals;
changes in governmental budgeting priorities; general market,
political and economic conditions in the countries in which the
Company operates or sells, including Israel and the
United States among others; differences in anticipated and
actual program performance, including the ability to perform under
long-term fixed-price contracts; and the outcome of legal and/or
regulatory proceedings. The factors listed above are not
all-inclusive, and further information is contained in Elbit
Systems Ltd.'s latest annual report on Form 20-F, which is on file
with the U.S. Securities and Exchange Commission. All
forward-looking statements speak only as of the date of this
release. The Company does not undertake to update its
forward-looking statements.
Contacts:
Company Contact:
Joseph Gaspar,
Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen, VP, Head of
Corporate Communications
Tel: +972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems Ltd.
IR Contact:
Ehud Helft
Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
elbitsystems@ccgisrael.com
SOURCE Elbit Systems Ltd