Israeli defense technology company Elbit Systems announced Wednesday it had signed a contract worth approximately $53 million to supply its advanced unmanned mortar protection system to a European client. The company reported the deal to the Israeli stock exchange but did not disclose the name of the customer.
The deal comes against the backdrop of growing voices in Europe and elsewhere to halt military sales of weapons to Israel as the Gaza war continues into its seventh month.
Advanced Israeli technology
Elbit’s Crossbow Unmanned Turreted Mortar System is to be installed on Pandur 6x6 armored vehicles over six years, the company said in a statement. This system is designed to protect the mortar operator's crew. It also enables the crew to assist ground troops without exiting the vehicle. The system can fire a variety of NATO 120mm ammunition, including the Iron Sting guided mortar munition, providing an effective range of up to 10 kilometers (six miles).
Unveiled at the London DSEI defense and security trade exhibition in 2023, it is the first sale concluded for the Crossbow system.
The company ended 2023 with an 8% increase in revenue, totaling $5.97 billion compared with $5.51 billion in the previous year, mainly due to training and simulation revenues in Europe and unmanned aerial systems revenues in Asia Pacific and Europe. In 2023, Elbit Systems had an order backlog of $17.8 billion.
Over the past few months, the company has accelerated its production of ammunition used by the Israeli military both in Gaza and on the border with Lebanon against Hezbollah, including a variety of attack drones. The acceleration in production should increase the company’s revenues for the first quarter of 2024. The results of the quarter are expected to be published on May 28.
Israeli arms exports see boom
Israel is the ninth-largest arms exporter in the world, according to the Stockholm International Peace Research Institute's annual report published last March. Between 2019 and 2023, Israeli weapons constituted 2.4% of the global market, massively reshaped by Russia's invasion of Ukraine and increased imports by European countries, according to the report.
