The Israeli Ministry of Defense and the defense company Elbit Systems have signed two significant agreements to provide the Israeli Air Force with thousands of heavy aerial munitions and to establish a new factory for producing raw materials.
According to Zhito Finance APP, the Israeli Ministry of Defense has signed two major agreements with the defense company Elbit Systems (ESLT.US) to provide thousands of heavy airborne munitions for the Israeli Air Force and to establish a new factory for producing raw materials. These transactions are estimated to be worth 1 billion new shekels (0.276 billion dollars).
Boosted by this news, Elbit Systems' stock price rose more than 5% during Pre-Market Trading on Tuesday.
The Israeli Ministry of Defense pointed out that these agreements are "crucial for enhancing the operational endurance of the Israel Defense Forces and the capacity for troop building," and added that this will "strengthen the independence of domestic manufacturing and reduce reliance on imported raw materials."