Defense Ministry Awards Ashot Ashkelon Industries $23 Million Contract
Ashot Ashkelon Industries, a leading manufacturer of tank and APC components, has secured a lucrative contract worth approximately NIS 86 million (about $23 million) from the Defense Ministry. The company, backed by the First Israel Mezzanine Investors (FIMI) Opportunity Fund, boasts a record backlog of orders totaling around 1.6 billion shekels ($429.4 million).
CEO Eliyahu Damari stated, “Despite the ongoing war, Ashot remains committed to fulfilling orders for the Defense Ministry and other clients both in Israel and worldwide.” The FIMI Opportunity Fund acquired Ashot from Elbit in 2022 for over NIS 330 million, with the current market value soaring to 830 million shekels.
The Defense Ministry’s rapid influx of orders during the recent conflict includes new products never before requested from Ashot. This milestone contract reinforces Ashot’s reputation as a global defense industry leader.
Ashot Ashkelon’s expertise extends beyond military components, serving international clients in civil aviation. Their acquisition of Reliance Gear in 2011 marked a significant expansion into the American market for advanced component production.