Elbit Systems U.S. Subsidiary Completes Acquisition of M7 Aerospace for $85 Million
HAIFA, Israel, December 15, 2010 - Elbit Systems Ltd. (NASDAQ and TASE: ESLT) announced today that
its wholly-owned U.S. subsidiary, Elbit Systems of America, LLC, ("ESA") acquired 100% of M7 Aerospace LP (M7 Aerospace) in a $85 million all cash transaction.
Located in San Antonio, Texas, M7 Aerospace is an integrated service company, offering a full suite of aviation services in the areas of Aerostructures Manufacturing, Government Logistics Support Services, Maintenance, Repair & Overhaul, Engineering Services, Aircraft Parts and Support, Supply Chain Management and Purchasing.
M7 Aerospace will join ESA as a part of the company's offerings of comprehensive large fleet, multi-site contractor logistics support, life cycle contractors and depot support for fleets operated by the United States military. M7 Aerospace will also bring world class capabilities in avionics upgrades, special mission modifications, reset programs and airframe modification and repair for numerous aircraft platforms operated by both commercial and military customers.
Elbit Systems of America, President and CEO, Raanan Horowitz
commented: "We are pleased to take this important step towards enhancing our support solutions capabilities in the U.S. market. This acquisition complements the breadth and depth of ESA's experience in the support and maintenance of aircraft both domestically and world-wide, and we hope it will open the door to new customers and projects". Horowitz added:"We are proud to welcome the employees of M7 Aerospace to the ESA team. Their skills and experience provide an extremely valuable asset to our organization".
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.
For additional information, visit: www.elbitsystems.com.
Source: Elbit Systems Ltd
Company Contact:
ph Gaspar,
Executive VP & CFO,
Dalia Rosen,
VP & Head of Corporate Communications,
Elbit Systems Ltd,
Tel: +972-4-8316663,
Fax: +972-4-8316944,
E-mail: j.gaspar@elbitsystems.com,
dalia.rosen@elbitsystems.com.
IR Contact:
Ehud Helft / Kenny Green,
CCG Investor Relations,
Tel: +1-646-201-9246,
E-mail:elbitsystems@ccgisrael.com
