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MarketScreener Homepage  >  Equities  >  TEL AVIV STOCK EXCHANGE  >  Elbit Systems Ltd    ESLT   IL0010811243

ELBIT SYSTEMS LTD

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Elbit : Kazakhstan to launch manufacturing of unmanned aerial vehicles

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08/15/2019 | 12:16am EDT

Kazakhstan Aviation Industry LLP and Israel company Elbit Systems Ltd have signed a long-term agreement on assembling, manufacturing and technical servicing of unmanned aerial vehicles (UAV) within the framework of public defense order implementation, Trend reports with reference to the press office of the Kazakhstan Engineering company.

Furthermore, companies also signed a license agreement for transfer of exclusive rights for using Elbit Systems Ltd trade mark on the territory of Kazakhstan.

"This project will allow us not only to sell UAV, but also to reduce the dependence on other countries for maintenance and servicing. Furthermore, it will allow us to create our own qualified personnel and new work places," the Chairman of the Board of Kazakhstan Engineering Kuanysh Bishimov said.

"A survey was conducted among potential users of UAV products in Kazakhstan, which indicated that there is a demand for such products provided that local manufacturing and servicing are present," the report said.

Bishimov also stated that Kazakhstan Aviation Industry should become the largest center for service, maintenance and modernization of aircrafts in the country. There is also a possibility to launch export of locally manufactured UAVs.

"The first supply of equipment, units and assemblies for UAVs manufacturing is expected before the end of this year," the report said.

Kazakhstan Aviation Industry LLP is a joint venture of Kazakhstan Engineering and Kamkor Management. The venture is concerned with technical servicing, maintenance and modernization of aircrafts.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Financials (USD)
Sales 2019 4 620 M
EBIT 2019 383 M
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Capi. / Sales2019 1,55x
Capi. / Sales2020 1,50x
Capitalization 7 180 M
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