Business in Brief

Elbit Systems subsidiary lands $115m EW contract in Asia

Elisra, a wholly owned subsidiary of Elbit Systems, said yesterday it won a $115 million contract for multi-purpose electronics warfare systems to an unnamed customer in Asia for delivery over the next two years. “We are experiencing a growing global demand for various types of EW systems, and I trust that further customers will follow and select our advanced systems as their preferred solution,” Edgar Maimon, Elisra’s general manager, said. Elbit posted $168 million in earnings for 2012 on revenues of $2.9 billion, up from $90 million on a $2.8 billion in 2011. Elbit shares, which have gained 9.3% over the last 12 months, closed yesterday in Tel Aviv Stock Exchnage trading down 0.3% to finish at NIS 146.50. ‏(Yoram Gabison‏)

Sunflower acquires solar farm in Italy for 17.6m euros

Sunflower Sustainable Investments said yesterday it acquired another solar energy farm in Italy, with five megawatts of power-generating capacity, for 17.6 million euros. The park, which was linked to Italy’s electrical grid in 2011, will transfer all its accrued revenues from the start of this year plus its 1.3 million euros in cash holdings to Sunflower, which estimated the park’s annual revenues at 2.7 million euros. The deal brings Sunflower’s holdings in Italy to 24 solar parks with overall capacity of 31 MW, half of which has been acquired this year. The company, which specializes in photovoltaic solar energy, also has operations in Israel, Spain and Poland. ‏(Yoram Gabison‏)

Advertising rates fell 2.3% in the fourth quarter of 2012

A new index launched yesterday by the Central Bureau of Statistics measuring advertising rates showed a 2.3% drop in prices in the fourth quarter of 2012 from the third. The index, based on data from Ifat Advertising Monitoring, factors in prices for exposure in newspapers, television, radio, Internet and billboards and comprises 1,400 different variables such as the price for a ratings point on TV, the cost per thousand views ‏(CPM‏) on the Internet or a full-page newspaper ad. The 100-point base for the index is for the fourth quarter of 2010, after which it peaked in the first quarter of 2011 at 103.3 points before falling. As of the fourth quarter of 2012 the index stood at 96.6 points. ‏(Nati Tucker‏)

Zim workers walk out on chairman’s Passover toast

In most companies a holiday toast is a festive occasion where management and personnel can enjoy an amiable get-together. But not so last week at the offices of Zim Integrated Shipping Services, where workers walked out in the midst of the pre-holiday speech by chairman Nir Gilad, CEO of parent company The Israel Corp. Gilad blamed the workers’ committee, headed by Avi Shitrit, for crossing a red line. “The workers need to thank the company owners who injected money into Zim,” he said, prompting the walk-out. The Histadrut labor federation declared a labor dispute last month on behalf of Zim’s workforce over management demands to pare staffing and impose pay cuts. ‏(Haim Bior‏)

Bloomberg