Israel Aircraft Industries (IAI) met its objective of breaking the $2 billion sales barrier last year and is on track to end 2005 with an order backlog of around $6 billion, says president and chief executive Moshe Keret.

Representing a 10% improvement over a 2003 sales figure of $1.87 billion, IAI’s 2004 revenues of $2.1 billion have been partially attributed to its successful joint ventures in Europe, India and the USA, with export business worth around 80%.

Speaking during the Paris air show, Keret told Flight International that long talked-of plans to privatise an initial 20-30% stake in state-owned IAI remain blocked by Israel’s defence industry law.

“There is still some work to be done, but the process will start in the near future and I think it’s not going to take too long.” Keret believes that the ongoing rationalisation of the Israeli defence industry will result in the retention of two large groups.

“We will be interested to merge with other industries in Israel,” he said.

CRAIG HOYLE/PARIS

 

Source: Flight International