Israel's Defense Minister Examined Secret Product Developments for the Israel Ministry of Defense During Visit to Israel Aerospace Industries
Jan 28, 2008
Israel's Defense Minister, Ehud Barak, visited Israel Aerospace Industries (IAI)'s facilities near Ben-Gurion International Airport today. The Minister's entourage included Israel Ministry of Defense (IMOD)'s Director General, Pinchas Buchris, and other members of the Ministry's management. The entourage was received by IAI's Chairman of the Board of Directors, Yair Shamir, and IAI's President & CEO, Itzhak Nissan.
"IAI is in a trend of improvement in its business performance. Its scope of sales, export and profits have all risen," said IAI's President & CEO, Itzhak Nissan. In his review to the Minister of Defense, Nissan added that "IAI has now more than $7 billion in backlog of orders and an increase of 56 percent in profit."
Nissan further noted that the increase of profit was achieved by tight control over project management and improvement in proposal submission and procurement procedures.
IAI's Chairman of the Board, Yair Shamir, told the Minister that "We leverage IAI's tremendous technological capabilities for the benefit of Israel's security. In 2007 we invested ten of millions of dollars in internal R&D for development of new products, and hundreds of million of dollars in customer financing in development of new products."
The Minister of Defense toured the production lines of UAVs and aircraft, and received a secret presentation of future developments for the Israel Ministry of Defense. At the end of his visit, Minister Barak said that "Under the management of Shamir and Nissan, in the previous couple of years IAI underwent an exceptional revolution. IAI has made a tremendous contribution to Israel's security and economy. IAI's activities express the strength and solidity of the State of Israel. The employees," continued the Minister, "are the true assets of IAI. They work day and night in a professional and devoted manner to fulfill the goals and needs of the Ministry of Defense."
Photo: Israel Defense Minister Ehud Barak examines a mockup of the "Barak 8" missile developed at IAI as part of a future aerial and naval defense system. At his right side – IAI's President & CEO Itzhak Nissan. At the left side of the photo - Director General of the Ministry of Defense Pinchas Buchris.
For further information, please contact:
Doron Suslik
Deputy Corporate Vice President for Communications
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
Email: hpaz@iai.co.il
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