HAIFA, Israel, (BulgarianMilitary.com) – The defence company Elbit Systems Ltd. announced on Sunday, 25th November 2018, that the acquisition of the state-owned IMI Systems Ltd. by the company has been finalised and the deal has been concluded at the purchase price of approximately $495 million, learned BulgarianMilitary.com
If IMI Systems meets the agreed performance goals, the price of $495 million will be supplemented by a further $27 million as reported by Elbit Systems Ltd. in a statement.
The process of privatising IMI Systems, formerly known as Israel Military Industries, was started in 2013.
IMI Systems Ltd. is the manufacturer of the Uzi submachine gun and the Galil assault rifle. Other products and services offered by the company include manufacturing of armoured vehicles and training of security agents.
The completion of the deal was welcomed by the Israeli Prime Minister Benjamin Netanyahu, “Today we are at the end of a long and important process that began several years ago. The sale of IMI to Elbit will facilitate the advancement of the Israeli defence industry, will leverage Israel’s technological abilities, and will increase defence exports. All of these will directly contribute to the Israeli economy.”
The President & CEO of Elbit Systems Bezhalel (Butzi) Machlis said, “The synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena, making this acquisition significant to our long-term growth strategy,” and added that the company “has a proven track record of successfully performing major acquisitions, and I am convinced that this acquisition will be beneficial for Israel’s economy, for both companies’ employees and customers and for our shareholders.”
In 2017 Israel was the world’s sixth-largest defence exporter as reported by the industry analysts IHS Markit.
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Source: Shephard Media, Elbit Systems Ltd.