Elbit Systems Awarded $333 Million Ammunition Contract from the Israeli Ministry of Defense

Nasdaq and Tel Aviv-listed defense contractor Elbit Systems Ltd. announced Sunday that it was awarded an approximately $333 Million (NIS 1.25 Billion) contract to supply ammunition to the Israeli Defense Forces. The five-year contract is set to commence in 2026, Elbit said.

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In November, Elbit had completed its acquisition of state-owned arms manufacturer Israeli Military Industries (IMI) Systems Ltd. Speaking last month at Calcalist’s Forecasts 2019 conference in Tel Aviv, Elbit Systems CEO Bezhalel Machlis said that one of the goals of the acquisition was to strengthen Elbit’s domestic market.

In December, Elbit was ranked in 28th place among the top 100 most profitable arms sellers worldwide in 2017 by the Stockholm International Peace Research Institute (SIPRI), an institute dedicated to research into conflict, armaments, arms control, and disarmament. Elbit sold $3.2 billion worth of weapons in 2017, according to SIPRI.