Israeli Defense Electronics Solutions Company AIMCO INDUSTRIES The Israeli Ministry of Defense today announced a multi-year framework agreement worth NIS 377 million, under which Emco will manufacture and supply electrical systems and subsystems, including advanced video management systems, voltage management systems and instruments, for the IDF's armored combat vehicles – including the Merkava tank. And the Namar and Eitan armored personnel carriers. The systems will be delivered between 2024 and 2030.
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Imco's stock price jumped 19% today after the deal, and has risen over the past year by more than 200%.
The Merkava tank and the Namar and Eitan armored personnel carriers play a central role in the IDF's ground maneuver forces. As part of the new agreement, EMCO will provide advanced and battle-tested systems for these tanks and armored personnel carriers. The new multi-year framework agreement replaces the existing 2020 agreement for the supply and production of electrical and control units for armored combat vehicles. In 2024-2025, Emco will complete the production and supply of products as part of the current agreement, and begin production and delivery of products as part of the new agreement.
Imco Industries was founded in 1974 and operates in Israel and the United States. The group of companies includes Imco Projects, Nir Or, ADT in the US, Etna and EMT. The group designs, develops, manufactures and markets electrical, mechanical and mechanical products for air, land and naval forces platforms as well as for industrial use.
At the end of the first quarter of 2024, Emco had a backlog of orders worth NIS 350 million. The new agreement will double the backlog of orders to NIS 725 million.
Published by Globes, Israel Business News – en.globes.co.il – on May 5, 2024.
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