Elbit Systems Ltd (ESLT)

[midastouch017]

Chief Scientist grants NIS 46m for 21 R&D projects
Elbit Systems, Orbotech, Applied Materials and Insightec won grants
Hadas Manor 19 Apr 07 15:00
The Office of the Chief Scientist research committee has approved NIS 45.9 million in R&D grants for Applied Materials Israel Ltd., Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT), InSightec Image Guided Treatment Ltd. and Orbotech Ltd. (Nasdaq: ORBK). NIS 110 million will be invested in the companies’ projects.
Elbit Systems, including its El-Op subsidiary, received the most grants, totaling NIS 16.9 million. Because of budgetary restraints, the research committee approved only half of the investment amounts the companies are planning for these projects. State R&D grants amount to 30-40% of a research project, and are repaid with interest as royalties in the event of success.

The Chief Scientist approved 13 electro-optical projects, 12 of them for Elbit Systems; four projects for Orbotech; three projects for Applied Materials Israel; and one project for Insightec.

Published by Globes [online], Israel business news - www.globes.co.il - on April 19, 2007