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Monday, March 20, 2006

Elta close to selling Phalcon AWACS system to South Korea

Phalcon AWACS
Israel Aircraft Industries Ltd. subsidiary Elta has passed the highest hurdle in its battle with Boeing (NYSE:BA) for the contract to supply four airborne early warning and control systems (AWACS) to the South Korean Air Force.

Elta achieved the breakthrough after it hired the services of former US Attorney General John Ashcroft who lobbied the Bush administration on its behalf. The administration gave its approval last week to the Israeli company to export to South Korea key components of the Phalcon advanced radar system, which Elta developed with the technological cooperation of the US. The Phalcon system is the key component in the AWACS aircraft that Elta is offering Seoul. Boeing voiced strong objections to granting of a permit to Elta, but failed to convince the authorities.

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