The FINANCIAL — First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development, Dimitry Kumsishvili, within the framework of the official visit to Israel, held a meeting with the management of the ELBIT.
The company, in cooperation with the Partnership Fund of Georgia, is implementing a large investment high-tech project in Georgia – the ELBIT will launch the production of the different replacement parts for the civil aircraft, including aircraft doors, aerodynamic surfaces, and control-panels. These parts will be designed by such leading companies as Boeing, Airbus, Bombardier and others. For the implementation of the project, Georgian and Israeli sides founded a joint venture company, the JSC Aerostructure Technologies Cyclone (ATC) in Georgia.
The ATC will be officially opened in Tbilisi on May 10, 2018, according to Ministry of Economy and Sustainable Development of Georgia.
The new enterprise will be an analogue of the Elbit Systems factory (located in Israel, the city of Haifa) and will produce products under the ELBIT SYSTEMS-CYCLONE brand. Total investment volume of the project equals to 93 million USD. The project should employ 300 local workers who will be trained by the leading specialists at the aviation market. 100% of the products will be export-oriented, which will positively reflect at the country’s trade balance. Upon reaching the full-scale capacity (the 7th year), the annual sales of the enterprise will be increase up to 60 million USD and more.
At this point, the construction and equipment of the factory is on the final stage. According to the plan, all works will be accomplished by the end of April, 2018. After the completion of the construction, all the procedures of certification will be concluded by the end of the year, and the factory will start selling products.
After the presentation, the ELBIT representatives in Georgia discussed the upcoming plans with Georgian delegation, which included the General Director of the Partnership Fund, David Saganelidze, Deputy Minister of Economy and Sustainable Development, Genadi Arveladze and Director of the Innovation and Technology Agency, Giorgi Zviadadze.