IAI signs largest ever deal (with India)
Israel Aerospace Industries' $1.6 billion contract with an Asian country includes the Green Pine radar - part of the Arrow anti-ballistic missile system.
Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) has signed the second stage of a huge deal with an Asian country, which makes the deal the largest in the company's history - $1.6 billion.
IAI notified the TASE on Sunday about the first stage of the deal for the supply of a range of arms system for $1.1 billion to an Asian country. It did not disclose the name of the country or the systems to be supplied.
IAI will supply unmanned aerial vehicles (UAV), state-of-the-art missiles, including sea-to-sea missiles, and sophisticated radar systems, including the Green Pine, made by IAI's Elta Systems subsidiary, which is part of the Arrow anti-ballistic missile system.
IAI will supply the systems over four years. The second $500 million deal was signed after IAI met the customer's demand for guarantees, and the procedures for their approval were completed.
The deal surpasses the $1.4 billion contract with India signed two years ago for the supply of Barak ship defense missiles and other defense systems.
IAI signs largest ever deal - Globes