Same news, adding a few background details,
RADA wins $1.7m contract with Lockheed Martin
Lockheed wiil be supplied with equipment in support of the F-16 Peace Xenia IV Program.
Shiri Habib 17 Jul 06 19:53
Israeli defense technology company Rada Electronic Industries (Nasdaq: RADIF) announced today that it would serve as subcontractor to US company Smiths Aerospace in a project it will undertake for Lockheed Martin (NYSE: LMT). RADA’s subcontract for the program exceeds $1.7 million.
Under the deal Lockheed Martin will be supplied with digital video recorders (DVR), removable data cartridges (RDC), and ground debriefing stations (GDS) in support of the F-16 Peace Xenia IV Program.
The cooperation between RADA and Smiths Aerospace began several years ago, when the two companies installed digital video equipment in the Israel Air Force’s F-16 fighter aircraft. Six months ago, RADA was also selected as a subcontractor to Smiths Aerospace, to supply similar products for the US Navy’s aircraft in a deal worth $4.5 million over the next two years.
RADA specializes in military and commercial aerospace technologies. The company specializes in avionics systems digital video recorders, ground debriefing stations, stores management systems, flight data recorders, inertial navigation Systems), trainers upgrades, avionics systems for the UAV market, and electro optic cameras for airplanes and armored vehicles. The company has a market cap of $30 million on Nasdaq’s capital market. RADA rose 17% in trading on Wall Street today.
RADA CEO, Maj. Gen. (Res.) Herzle Bodinger said, “this award further strengthens our excellent relationship with Smiths, that was established over 8 years ago and is currently manifested in joint development and production programs, as well as marketing activities. The Lockheed selection indicates that our strategy in penetrating the US market through cooperation with American partners is correct."
Published by Globes [online], Israel business news - www.globes.co.il - on July 17, 2006
Dubi
