Israel Aerospace signs $1.1 billion sale to Asian client

Israel Aerospace Industries (IAI) will sell weapons systems worth more than $1.1 billion to an Asian country over the next four years, the state-owned defense contractor said on Monday. It said the deal had been signed but did not identify the buyer. Israel’s past defense trading partners in Asia have included Singapore, South Korea, India and China. IAI, Israel’s biggest arms firm, develops military and commercial aerospace technology, including communications satellites, unmanned air systems, naval attack missiles and business jets and upgrades combat aircraft and helicopters. Israel plans a public offering of 20-30 percent of IAI this year, the Finance Ministry said in April. TheMarker financial news website had reported that the company, which had sales of $3.15 billion in 2010, was expected to be valued at $2.5-3 billion at privatization.