Aviation Technology Firm Orbit Wins $30 Million Pentagon Contract

The U.S. Department of Defense has awarded a $30 million contract for work on aircraft to Florida subsidiary of Israel-based Orbit Communications Systems Ltd. Orbit will provide repairs and upgrades to communication technology aboard the U.S. military's aging KC-135 refueling jets over a 60-month period. The Tel Aviv-listed firm saw its stock price go up by 5.5% on Wednesday after informing the press of the deal. Orbit is controlled by Israel-based private equity firm FIMI Opportunity Funds.