Elbit Systems Ltd. ("Elbit Systems") announced the signing of a definitive agreement for the sale of all ordinary shares held by its wholly-owned Israeli subsidiary, IMI Systems Ltd. ("IMI"), in IMI's 84.98%-owned subsidiary, Ashot Ashkelon Industries Ltd. ("Ashot") and all capital notes of Ashot held by IMI and Elbit Systems, to FIMI Opportunity Funds ("FIMI"), for approximately $88 million in cash (approximately NIS 285 million). The transaction is conditioned on various closing terms, including receipt of certain regulatory approvals.
Ashot specialises in the manufacture of jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products for the aerospace and defense industries.
FIMI is a leading private equity fund in Israel with more than $5.5 billion in assets under management.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said: "Since the acquisition of IMI by Elbit Systems, Ashot has undergone several processes to improve its business focus and operational efficiency. This sale is consistent with our strategy to focus on our core areas of business. We look forward to continuing our cooperative work with both Ashot and FIMI".
Contact details from our directory: | |
Elbit Systems Ltd | Thermal Imaging Equipment, Enhanced Vision Systems (EVS), Chemical Milling, Metal Bonding, Filament Winding Service, Aerial Firefighting Equipment, Forming, Aircraft Structural Components, Moving Maps, Helmet-Mounted Displays (HMD), Electronic Flight Instrument Systems, Laser Radar, FLIR Systems, Cameras (Airborne), Head-Up Displays, Warning Systems/Equipment, Flight Recorders, LCD Displays, Avionics Management Systems, Stores Management Systems, Terrain Awareness and Warning Systems, Terrain Following Radar, Weapons Countermeasures, Radio Communications Equipment, Airborne Communication Systems |
Ashot Ashkelon Industries | Gearboxes, Shafts & Shaft Assemblies, Helicopter Rotor Balancing Equipment |
Related directory sectors: |
Structural Components |
Airframe Assemblies |
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