Elbit Systems Ltd. (NASDAQ: ESLT) announced that its subsidiary, Cyclone Aviation Products Ltd. (Cyclone), was awarded a contract to supply the US Navy 330 gallon Fuel tanks to be installed on its F-18’s.
This contract constitutes a pivotal marketing breakthrough for Cyclone and the US Navy. The first phase of this contract amounts to $2.4 million and the total value is estimated at approximately $60 million. Deliveries are scheduled to take place between 2009 and 2013.
The 330 gallon Fuel Tanks are manufactured in a special coiling process (Filament Winding) designed to protect the Fuel Tanks from possible damage that may occur during onboard aircraft carrier fires.
Yoram Shmuely, Co-General Manager of Airborne and Helmet Systems at Elbit Systems, said, “The US Navy’s decision to select Cyclone’s Fuel Tanks for the first time, via tender, reflects the trust and recognition we have established among leading customers worldwide. I believe this contract will pave the way for further business in this fast-growing market characterized by advanced technologies and innovative composite materials.”
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