RADA Secures Over $10M in Follow-on Design and Production Contracts for Aircraft Upgrade Program in Latin America
RADA Electronic Industries Ltd. (Nasdaq: RADA) announced that it has signed contracts for an aircraft upgrade program, valued at over $10 million, with one of RADA's strategic customers in Latin America. These contracts are follow-on orders to contracts that were signed during 2010 and early 2011, which bring the total value of RADA's participation in this program to $17 million. Under the new agreement RADA will design and produce installation kits and supply various avionics units for the upgrade program, while providing customer support for the program's implementation.
RADA has received a total value of over $21 million of new orders over the course of 2011, of which $13 million were received in the fourth quarter.
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