Boosted by major deals in India, Israel Aerospace Industries (IAI) has reported a record order backlog of $11.1 billion as of the end of the second quarter of 2017, up from $9 billion at the end of 2016, Globes said on Sunday.
Orders from India, where Israel has been expanding defense and economic ties in recent months, ran to $2.4 billion, the state-owned IAI said.
IAI President and CEO Joseph Weiss said, “In the second quarter, among others, the company signed mega deals for selling air defense systems to India totaling some $2.4 billion, including the largest transaction in the history of Israel’s defense industries, which resulted in a record order backlog in the history of IAI. This accelerated business activity, combined with solid and material cash balances and positive cash flows, are an expression of the company’s business, corporate and technological growth and strength which I believe will continue to bear fruit.”
He added, “We are continuing to experience the global trend of increasing homeland security budgets and the demand for advanced technological solutions that are tailored to the customer’s needs. Accordingly, in order to be able to provide the optimal and most professional response to our customers, we continue to make sizeable investments in R&D and innovation.”