Elbit purchases remaining Kinetics shares

April 8, 2009 at 1:47 PM

HAIFA, Israel, April 8 (UPI) -- Israel-based defense electronics technologies developer Elbit Systems has purchased the remaining shares of Kinetics Ltd.

Elbit, which was previously a 51 percent owner of combat vehicle systems and products maker Kinetics, announced the purchase of the remaining 49 percent of the shares. Officials said the acquisition was for $110 million pending the 2009 financial results of Kinetics.

The completed purchase of Kinetics is part of an effort by Elbit to expand in the military land vehicles, aircraft systems and technologies markets.

"The acquisition of the balance of Kinetics' shares compliments our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value," Joseph Ackerman, Elbit Systems president and chief executive, said in a statement.

"Kinetics' areas of business complement those of Elbit Systems in the area of combat vehicles, and working together as one company will bring about added value and further strengthen our position as a global leader in this area."

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Volvo unveils new child seat concept
JetBlue first major airline to offer direct New York to Cuba flights
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules