Elbit Systems (Nasdaq:ESLT) (ESLT) - Get Report is reporting this morning several contracts totaling $80 million, which it had signed with the Brazilian government and with Amber Air International, the manufacturer of the ALX airplanes, are in effect today, after several procedures, including the financing of the deal, have been completed.
Elbit Systems' involvement in the ALX project alongside Amber Air is the second phase of the Brazilian air force efforts to upgrade its F-5 planes. Elbit Systems announced the upgrade plan back in June of 2001.
Yossi Ackerman, president and CEO of Elbit Systems said the company "was happy to announce its participation in the manufacture of the ALX planes. This strengthens our ties with the Brazilian air force, Amber Air and our Brazilian partners significantly. We will render our top technological resources at the service of the program, in order to ensure our and our partners¿ success."