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Friday, March 31, 2023

Elbit (NASDAQ: ESLT) Swedish Subsidiary Win Royal Swedish Navy Contract

Elbit Systems Ltd. (NASDAQ: ESLT) confirmed that its Swedish unit Elbit Systems Sweden AB. Has secured an accord from the Swedish Defence Material Administration (FMV) to deliver the Albatross Combat Management Systems (CMS) for the Royal Swedish Navy. The contract is worth an insignificant sum to Elbit Systems. Elbit has a duration of 34 months to complete the contract.

Elbit Systems Sweden stated that they value the trust shown by the FMV and the Swedish Armed Forces in their solutions. Elbit Systems witness increasing demand for its naval portfolio. Moreover, it is clear from this pact and other recent accords it won from maritime customers across Europe and the Asia Pacific.

Previously, its unit Elbit Systems Emirates Limited was granted a nearly $53 million contract to supply Direct Infrared Countermeasures (DIRCM) and airborne Electronic Warfare (EW) systems for the Airbus A330 Multi-Role Tanker Transport aircraft of the UAE Air Force on Jan 3, 2022. These contracts awards demonstrate how much ESLT’s clients value its solution.

Furthermore, as per the contract, Elbit Systems Sweden will provide the Albatross CMS for the Spårö Class Mine Countermeasures (MCM) Vessels of the Royal Swedish Navy. Albatross is a mountable open architecture CMS that is built on the Company’s E-CIX platform.

Albatross CMS also gives commanders and operators a common operational picture. It allows them to relate submarine finding and surface paths using real-time data, live video streaming, and imagery data to broaden the procedure, increase flexibility, and make smarter choices during MCM missions.

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