Elbit Systems Ltd., a global defence technology company, has announced its latest achievement – being awarded a contract valued at approximately $60m (NIS216m).
As part of its ongoing commitment to bolstering national security, the contract supplies thousands of 155mm artillery shells to the Israel Defence Forces’ Artillery Corps. Over the next year, Elbit Systems will execute this project, further solidifying its role as a partner in Israel’s defence ecosystem.
With its portfolio of defence solutions, Elbit Systems is a key supplier to the Israel Defence Forces (IDF).
According to GlobalData’s “The Global Artillery Systems Market 2023-2033” report, Israel is anticipated to be the leading market for artillery systems in the Middle East, accounting for a 49.7% share of regional spending.
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Yehuda (Udi) Vered, General Manager of Elbit Systems Land, expressed the company’s pride in serving as a leading supplier to the IDF and aiding in its continuous operational demands. “Elbit Systems is proud to be a leading supplier to the IDF, supporting its ongoing operational requirements.
The expansion and the upgrade of our production infrastructure enable the provision of rapid production of a range of high-quality solutions to the Israel Ministry of Defense. We continue to implement the company’s strategy that supports the local economy and employment across the nation, from Kiryat Shemona in the Galilee to Ramat Bekaa in the Negev.”
Elbit Systems’ selection for this contract showcases its role in ensuring the safety and security of the nation. As the company embarks on this endeavour, this latest contract marks another milestone in the enduring partnership between Elbit Systems and the IDF, reiterating the company’s commitment to supporting the military’s operational necessities.
GlobalData’s artillery systems market report also highlighted that Elbit Systems Ltd would potentially capture a 25.0% share of the middle eastern artillery systems market with forecast revenue of $2.5bn over 2023–33, owing to its contract for 600 units of Atmos 2000 155mm self-propelled artillery systems from the Israeli Army.
Elbit Systems continues to play a role in reinforcing the nation’s security apparatus.
Elbit Systems reported an increase of 8% in revenue in its land business segment, to $301.4 million in the first quarter of 2023 from $279.4 million in the first quarter of 2022, mainly due to armoured vehicle upgrade sales.