Elbit-Thales joint firm gets $70 mln UK contract

TEL AVIV, Oct 24 (BestGrowthStock) – Elbit Systems (ESLT.TA: ) said a
company it jointly owns with Thales UK won a follow-on contract
worth $70 million from Thales to provide intelligence,
surveillance, target acquisition and reconnaissance support for
the UK armed forces.

The joint company, UAS Tactical Systems Ltd (U-TacS), will
carry out the contract over the next year and a half, Elbit
(ESLT.O: ) said on Sunday.

As was the case with the previous contracts, awarded in 2007
and 2009, this contract also includes the provision and support
of Elbit’s Hermes 450 unmanned aircraft systems, as well as
training for UK Ministry of Defence staff.

Leicester-based U-TacS is held 51 percent by Elbit Systems,
Israel’s largest publically traded defence company, with the
balance owned by Thales UK, part of French aerospace group
Thales (TCFP.PA: ).

(Reporting by Tova Cohen)

Elbit-Thales joint firm gets $70 mln UK contract