Defense contractor Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) subsidiary Cyclone Aviation Products Ltd. will supply composite structural components for commercial aircraft to Spirit AeroSystems Inc. (NYSE:SPR) in a $30 million contract. Deliveries will be made between 2007 and 2011.
Cyclone will supply blocker doors for aircrafts engines. Spirit Aerosystems is a multinational supplier of commercial airplane assemblies and components, including fuselages, wings, under-wing components, composites, and spare parts.
Elbit Systems Airborne and Helmet Systems co-general manager Yoram Shmuely said, “This contract win is yet another sign reflecting the trust and recognition we have established among major aviation suppliers of commercial airplane assemblies and components. We believe this contract with Spirit AeroSystems will pave the way for further business in this fast-growing market characterized by advanced technologies and innovative composite materials."
Elbit Systems has a market cap of $1.93 billion, after rising 0.9% on Nassdaq yesterday. The company has won several major contracts in recent months.
Published by Globes [online], Israel business news - www.globes.co.il - on September 5, 2007
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