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Israel's Elbit Systems in acquisition deal

Sept. 3, 2010 at 12:07 PM

HAIFA, Israel, Sept. 3 (UPI) -- Israel's Elbit Systems Ltd. has announced it's acquiring three defense companies owned by the Mikal group in a package deal for a net payment of $69 million.

Elbit, in a news release, said the three Israeli companies are artillery and mortar producer Soltam, armored vehicle refurbisher Saymar and EO specialist ITL.

"The combination of Elbit Systems' existing capabilities with the technologies of Soltam, Saymar and ITL in platforms, propulsion and electro-optics, will enable us to further enhance our portfolio of solutions to both the Israeli and the global defense market," Joseph Ackerman, president and chief executive officer of Elbit Systems said.

Elbit Systems already holds about 19 percent of Mikal and it will transfer its shares to other Mikal shareholders for $18 million. Upon completion of the acquisition, Elbit Systems will hold, a 100 percent interest in Soltam and Saymar and 87.85 percent of shares in ITL, the company said.

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