Elbit Systems (ESLT) said that it had been awarded a contract worth nearly $60 million to supply 155mm artillery shells to the Israeli Defense Forces’ Artillery Corps.
“The expansion and the upgrade of our production infrastructure enables the provision of rapid production of a range of high quality solutions to the Israel Ministry of Defense,” Yehuda Vered, General Manager of Elbit Systems, said in a press release.
Work under the contract will be performed over a 1-year period.
“The artillery shell production line is essential, and the Ministry of Defense has made substantial investments in it for many years. This agreement with Elbit Systems will bolster the IDF’s capabilities and preparedness for diverse combat scenarios,” Zeev Landau, Director of the Ministry of Defense DOPP, said.
The shares of Elbit Systems Ltd closed 0.35% ($0.72) higher at $203.60 on Nasdaq on Friday, as they reversed a loss from the previous trading session.
The security and aerospace company’s total market cap now stands at $9.238 billion.
The shares of Elbit Systems Ltd went down 5.79% in 2022, compared with a 33.10% loss for the NASDAQ Composite stock index.
The Israel-based company’s shares have risen 24.12% so far this year.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
