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Tuesday, March 1, 2011

Elbit Systems unit wins Apache helmet order

Elbit Systems of America will supply the display systems to the US Army.

Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) US subsidiary Elbit Systems of America, LLC, has won a $12.75 million delivery order for a helmet display system used by Apache helicopter pilots.

The order for integrated helmet and display sight system (IHADSS) spares came from the US Army tank-automotive and armaments command (TACOM), in Rock Island, Illinois. Work on the contract will be performed in Fort Worth, Texas.

The delivery order is part of an indefinite delivery/indefinite quantity contract awarded to Elbit Systems of America, under which a total of more than $50 million in delivery orders have been issued to date.

The IHADSS system supports the Apache AH-64 attack helicopter mission by providing an advanced helmet mounted display and sighting system that provides heads up display and accurate line of sight to the pilot and co-pilot.

Elbit Systems of America President and CEO Raanan Horowitz said, "We appreciate the confidence placed by the US Army in our quality and on-time delivery track record on the Apache IHADSS program."

Elbit Systems closed at $51.49 yesterday, giving a market cap of $2.2 billion.