Israel's Elbit Systems in acquisition deal

Sept. 3, 2010 at 12:07 PM
Sign up for our Security Newsletter

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.

Related UPI Stories
Latest Headlines
Trending Stories
United Launch Alliance launches GPS IIF-12 satellite for U.S. Air Force
SM-6 missile demonstrates capabilities
$66M set aside by U.S. for military facilities in Philippines
U.S. Navy requests 4,000 Tomahawk cruise missiles in budget
Turkish Aerospace Industries UAV Anka makes debut flight