More Than Money—IAI Critical To Israel’s Defense, Says Peres + Upcoming Launch

The President of the State of Israel, Mr. Shimon Peres, visited Elta Systems, a Group and Subsidiary of Israel Aerospace Industries (IAI) on September 19, 2007. The President’s entourage toured the facilities and received briefings on IAI’s systems and products that provide solutions to the operational needs of the Israel Defense Forces (IDF). A part of the visit was classified, and included a briefing to the President on secret systems in use by the IDF.




The President of the State of Israel spoke to Elta’s employees and managers and said that: "I was one of the founders of IAI in the past, and today I look at you with lots of pride. Thanks to IAI, the State of Israel is one of the advanced technology leaders in the world. I do not know of any other company that can provide such solutions to the defense and existential needs of Israel, such as IAI. I would like for the citizens of Israel to know that we possess amazing technological capabilities, and employees that have reached an unprecedented peak," said Mr. Peres.




Itzhak Nissan, IAI’s President & CEO and Chairman of Elta Systems’ Board of Directors, said, “IAI’s sales for the first half of 2007 totaled $1.623 billion, compared to $1.319 billion in the same period last year, an increase of 23 percent. IAI’s backlog of orders for June 30, 2007 reached $7.2 billion. IAI’s annual procurement reached approximately $2.2 billion. The net profit from sale (before tax and before special expenses) for the first half of 2007 reached a record 7.6 percent.





Plus, this is the week when the Israel Defense Forces‘ most-advanced satellite, the Tecsar, will be launched by an Indian rocket, the first such occurrence for both nations. The satellite, manufactured by IAI and weighing close to 300 kg, includes Synthetic Aperture Radar capabilities, which were developed by the company’s subsidiary, Elta. Israel currently operates the Ofek 5 satellite that was launched in May of 2002, the Ofek 7 and Eros B, and the Amos 1 and 2 (comsats)—Ashdod, Israel