HAIFA, Israel, Dec. 23, 2020 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that its U.S. subsidiary, Elbit Systems of America, LLC ("Elbit Systems of America"), has signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton Corporation ("Sparton") for a purchase price of $380 million.
The transaction is conditioned on various closing conditions, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months.
Headquartered in De Leon Springs, Florida, Sparton is a premier developer, producer and supplier of electronic systems supporting Undersea Warfare for the U.S. Navy and allied military forces.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: "The acquisition of Sparton will strengthen Elbit Systems of America's capabilities and will enable expansion of activities in the naval arena. We believe this acquisition will be beneficial for both Elbit Systems' and Sparton's employees and customers."
About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial 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, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.
Joseph Gaspar, Executive VP & CFO
Rami Myerson, Director, Investor Relations
David Vaaknin, VP, Head of Corporate Communications
GK Investor Relations