[SatNews] This new contract will bring new systems online as well as upgrade and maintain current capabilities...

Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("ESLT") has been awarded a contract by the Israeli Ministry of Defense (IMOD) to supply, upgrade and provide maintenance under the Israeli Defense Forces' (IDF) communications equipment project. The project is valued at approximately $280 million, of which approximately half is designated for the supply of new communication systems over the next five years, and the balance is to be applied to the upgrade and maintenance of existing systems over a 20-year period. The military communications project is an IMOD's efficiency initiative, aimed at establishing a supply arrangement for advanced, operationally available and cost effective communication systems for the IDF. The IMOD and the IDF will benefit from rapid supply of highly advanced, operationally available and cost effective communication systems. A key part of the project will be performed in the Southern Israeli city of Arad, providing employment for dozens of local residents.