Aaron Katsman
www.IsraelNewsletter.com

Israeli diplomatic ties with France continue to warm, and today’s news that the French have selected  Elbit Systems (ESLT) to supply the Skylark I unmanned air vehicle (UAV) systems to France’s Special Forces. Elbit won a tender involving 10 of the leading UAV manufacturers worldwide. Very impressive. Since Nicolas Sarkozy took over the French presidency, not only have ties with the U.S. gotten much better, but the French have turned to be very friendly with Israel as well. This defense deal bears out the point.

This win is another in a long line for Elbit Systems. Commenting on the deal Haim Kellerman, General Manager of Elbit Systems UAV Division and Corporate Vice President said,” that there is a worldwide growing demand for UAVs for Special Forces, counter terrorism units and other forced focused on the security of borders and sensitive facilities. France’s selection of the Skylark® attests to its ability to meet the sophisticated challenges of the modern battle field. Elbit Systems considers this agreement with France’s Special Forces as a milestone in entering the French market and believes that it will be followed by further agreements with European NATO member countries.”

This win is not only important for Elbit Systems, it is an important victory in French-Israel relations.

Disclosure: Author’s fund holds a position in ESLT  as of 3/25/08.

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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.

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