KADIMA, Israel, Aug. 8 (UPI) -- Israel's electro-optics company Controp Precision Technologies is being acquired by Aeronautics, Ltd., and Rafael Advanced Defense Systems.
The purchase price is an estimated $90 million, said Defense Update, an Isreali defense industry publication.
Aeronautics already owns 18 percent of Controp's stocks and, following the current transaction, will obtain 50 percent of its shares. Rafael will acquire the remaining 50 percent.
Controp specializes in the development and manufacturing of customized electro-optical systems for the military and homeland security markets. The company has about 180 employees and its annual sales are about $60 million.
The company was founded in 1988 as an electro-mechanical system engineering specialist and developed complex Pan-Tilt platforms for antennae and electro-optical payloads. It moved into the design, development and manufacturing of stabilized Electro-Optical systems and was the pioneer in the development of continuous zoom assemblies for thermal imagers.
In recent years the company has also focus on the development and production of complete thermal cameras, both cooled and uncooled.
