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Israeli defense electronics company Elbit Systems Ltd. said Tuesday that the Brazilian plane maker Embraer has awarded it a $67 million contract for work on a jet upgrade project.
Elbit Systems and its Brazilian subsidiary Aeroelectronica SA will provide battle mission computers, ammunition management systems and other equipment for Embraer's upgrade of the AMX jet for the Brazilian military. The contract could eventually be worth $187 million and last through 2014.
Shares of Elbit Systems, which trade on the Nasdaq market, were up 91 cents to $47.78 Tuesday morning. Embraer's U.S.-listed shares, which also trade on the Nasdaq, were down 30 cents to $16.02.
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