Haifa, Israel, April 25, 2013 – Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today the establishment of Sharp Elbit Systems Aerospace, Inc. ("SESA"), a jointly owned company in South Korea, with Sharp Aviation K Inc. ("Sharp Aviation K"), located in Seoul, South Korea. Elbit Systems will own 19% with a growth option to 50% ownership.
SESA will operate in Ansan and among other capabilities, will offer maintenance, repair and manufacture of advanced military aircraft avionics as well as research and development of systems and avionics for both existing and future projects, such as the Korean Light Attack Helicopter (LAH) and the Korean Future Fighter (KFX) development projects. Contracts currently operated by Sharp Aviation K will be transferred to SESA as part of the transaction.
As a Korean company, SESA will also be able to offer offset solutions to foreign suppliers and OEM’s selling defense goods and services in Koera.
Mr. Soon-Suk Paik, President and CEO of Sharp Aviation K commented: "Working with the Defense Acquisition Program Administration (DAPA) of Korea and international and Korean manufacturers, SESA will offer the Korean aerospace market advanced solutions and systems, made in Korea and based on Elbit Systems' technological portfolio and Sharp Aviation K's vast experience in aviation and avionics, strong local presence and deep understanding of the Korean market".
Mr. Bezhalel (Butzi) Machlis, Elbit Systems’ President and CEO, noted: "The establishment of this new company is a significant step for Elbit Systems in Korea, which we consider to be a very important market. We trust that establishing this jointly owned company will bring new opportunities and will be of mutual benefit for both our companies and for Korea".
About Sharp Aviation K
Sharp Aviation K Inc. is an aviation services company in Korea engaged in nationwide commercial and defense programs.
With a mission of "being the customer's strategic partner and their first choice in aviation services in Korea", Sharp Aviation K and its subsidiaries have been in the Korean market since 1964, and operate in the areas of commercial airlines' passenger and cargo GSSA, full ground handling services, cargo terminal, FAA repair shop, aircraft parts, fuelling, in-flight catering and other related services in six airports in Korea and is currently building an aircraft maintenance hangar at Incheon International Airport to further strengthen the company’s position as an independent total aviation service provider in Korea.
For additional information, please visit :www.sharp.co.kr
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.
For additional information, please visit: www.elbitsystems.com.
