Elbit signs Bulgarian helicopter upgrade deal

The $70 million upgrade for the Bulgarian Air Force’s Russian-made MI-17 and M-24 helicopters will take three years.
Yuval Mendelson 4 Dec 05 10:44
Ten days ago, Bulgaria’s Supreme Administrative Court overturned a Bulgarian Minister of Defense’s decision to halt negotiations with Elbit Systems (Nasdaq: ESLT; TASE: ESLT) for a deal to upgrade the Bulgarian Air Force’s Russian-made MI-17 and M-24 helicopters. Elbit Systems today announced that a deal had been signed. In March 2005,the Bulgarian Ministry of Defense notified Elbit Systems that it had been disqualified from the tender it won in December 2004.

Elbit Systems announced that the helicopter upgrade deal totaled $70 million, and would become effective soon, following the completion of a number of standard matters.

The upgrade includes twelve M-24s and six M-17s, which will be adapted to NATO standards. The upgrade is expected to take three years, with Bulgarian aerospace industries taking part.

Elbit Systems president and CEO Joseph Ackerman said, “We are pleased to have signed our first helicopter upgrade contract in Bulgaria. I believe that our proven expertise and experience in the area of helicopter upgrades, coupled with the cooperation of our customer and Bulgarian industries, will result in a successful program for the mutual benefit of the Bulgarian Air Force and Elbit Systems and will reinforce our strong relationship with the Bulgarian Ministry of Defense.”

http://www.globes.co.il/serveen/globes/docview.asp?did=1000035552&fid=942