Elbit secures $20m Israeli ‘Snunit’ Trainer deal
Haifa, Israel, February 22, 2010 - Elbit Systems Ltd. (NASDAQ: ESLT) announced today that it was awarded a follow-on contract from the Israeli Ministry of Defense for the continuation of the GROB G-120-AI ("Snunit") trainer aircraft operation program, in service at the Air Force Flight Academy in Hatzerim.
Under the new contract, Elbit Systems will operate the trainers for an additional period of ten years, starting in 2012, following the completion of the current program. The contract is valued at approximately $20 million.
The "Snunit" program was the IAF's first Private Finance Initiative (PFI) project. Under the multi-year program, the IAF purchases training hours onboard Elbit Systems' GROB G-120-AI, and Elbit Systems is responsible for the operation and maintenance of the aircraft, which is performed by a dedicated technical crew Elbit Systems employs in Southern Israel.
Yoram Shmuely, Co-General Manager of Elbit Systems' Aerospace Division, noted: ”The IAF’s decision to renew the contract for the “Snunit” program attests to the Air Force's high level of satisfaction with the service, availability, usability and security achieved throughout the program to date, as well as from Elbit Systems’ similar projects in the Flight Academy at the Hatzerim air force base”.