(Nasdaq:ESLT) on Monday signed an agreement with
(LMAASA (NYSE:LMT)) to upgrade AT-63 Pampa jets for the Argentine air force. The Pampa is a light training and attack jet.
The contract is worth $15 million and will be carried out over three years.
Elbit Systems will provide the avionics systems for the upgraded aircraft and will carry out the integration of the systems. The company is to serve as LMAASA's subcontractor. LMAASA has been contracted by the Argentine government for the aircraft upgrade project.
The project will upgrade the Pampas with improved training and attack capabilities based on Elbit Systems' experience in upgrading fighter jets, helicopters and training jets.
Elbit Systems said that the contract is an important step in the company's strategy to expand its business operations in Argentina. The orders backlog of Elbit Systems stood at $1.4 billion at the end of 2000; revenues rose to $591 million, compared with $436 million in 1999, and net profit came to $38.5 million.