Elbit Systems Reorganizes Its Holdings in Certain Subsidiaries
HAIFA, Israel, December 30, 2010 - Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems")
announced that, as part of an internal reorganization of its holdings in certain wholly-owned subsidiaries, to enhance the efficiencies of its business operations, its board of directors approved a merger plan, to be performed in a series of transactions, that will result in the merger of its wholly-owned limited partnership Silver Arrow ("Silver Arrow") into Elbit Systems. Pursuant to the merger plan, the assets and liabilities of Silver Arrow will be transferred to a new wholly-owned subsidiary of Elbit Systems - Elbit Systems Golden Arrow Ltd. ("Golden Arrow") that eventually will be merged into Elbit Systems. The merger plan will be submitted to the Israeli Companies Registrar for approval. Subject to applicable approvals, the merger will be effective as of December 31, 2010.
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.
Contacts:
Company Contact:
Joseph Gaspar, Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
