Elbit Systems Acquires the UK Company Ferranti Technologies for GBP15 Million (US$31 Million)
July 26 2007 - 5:20AM
PR Newswire (US)
Elbit Systems Strengthens its Presence in the UK HAIFA, Israel,
July 26 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ:ESLT)
reported today that it has acquired the entire share capital of the
UK company Ferranti Technologies (Group) Limited ("FTL") for GBP15
million (approximately US$31 Million). FTL is an established
supplier of engineering, manufacturing and product support
solutions to the Aerospace and Defence markets. FTL designs and
manufactures electronic, power and control solutions with emphasis
on reliable operation in harsh climatic and electromagnetic
environments. FTL's comprehensive customer logistic support
services cover: repair, overhaul, modification, integrated logistic
support, and post design services. The acquisition of FTL will
enable Elbit Systems to provide enhanced access and support to its
customers in the UK and Europe. Together with U-TacS, a UAV Systems
company and UEL, the UAV engines' company, the acquisition will
strengthen the Group's presence in this important market. Joseph
Ackerman, President of Elbit Systems Ltd., said: "The acquisition
of Ferranti Technologies Limited is in line with our strategy of
growth through mergers and acquisitions. We have identified in
Ferranti a highly capable management team. I believe that FTL and
its management will significantly enhance our business base in the
UK and enable us to provide better support to our customers, while
gaining better market access in the UK and Europe" Terry Scuoler,
Managing Director of FTL said: "Elbit Systems has outstanding
technology and a high reputation in the market place and we are
excited that the transaction will allow us to further expend our
business across the UK and Europe. We are very much looking forward
to build on our respective successes to date and continue to serve
our customers need. FTL was sold by The Fifth Causeway Development
Fund (advised by ABN AMRO Capital Ltd.) and by FTL's management.
About Ferranti Technologies FTL, located in Oldham, UK was
established in 1994 formerly part of Ferranti International Group.
FTL has since the current management team took over in 1999 has
gained an enviable reputation for innovation, quality and
commitment to its blue chip customer base. The company owns the
former Ferranti name. The Company specialises in the manufacture
and design of wide range of electronic power management and control
systems for application on air, land and seaborne platforms,
including safety critical applications. In 2006 the Company
reported annual sales of over GBP16 million, approximately US$
33M). Ferranti Technologies Limited workforce consists of 180
employees and is expected to continue its business growth in its
Oldham facility in North West England providing further employment
opportunities in the local area. About Elbit systems Elbit Systems
Ltd. is an international defense electronics company engaged in a
wide range of defense-related programs throughout the world. The
Elbit Systems Group, which includes the company and its
subsidiaries, operates in the areas of aerospace, land and naval
systems, command, control, communications, computers, intelligence
surveillance and reconnaissance ("C4ISR"), advanced electro-optics
and space technologies, EW suites, airborne warning systems, ELINT
systems, data links and military communications systems and radios.
The Group also focuses on the upgrading of existing military
platforms and developing new technologies for defense and homeland
security applications. STATEMENTS IN THIS PRESS RELEASE WHICH ARE
NOT HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE
KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER
THE COMPANY'S CONTROL, WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE
OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE
RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE
FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT
LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH
THE SECURITIES AND EXCHANGE COMMISSION. Contacts: Company Contact:
Joseph Gaspar, Corporate VP & CFO Dalia Rosen, Director of
Corporate Communications Elbit Systems Ltd Tel: +972-4-8316663 Fax:
+972-4-8316944 E-mail: , IR Contact: Ehud Helft, Kenny Green G.K.
Investor Relations Tel: +1-646-201-9246 Fax: +972-3-607-4711
E-mail: DATASOURCE: Elbit Systems Ltd CONTACT: Contacts: Company
Contact: Joseph Gaspar, Corporate VP & CFO, Dalia Rosen,
Director of Corporate Communications, Elbit Systems Ltd, Tel:
+972-4-8316663, Fax: +972-4-8316944, E-mail: , ; IR Contact: Ehud
Helft, Kenny Green, G.K. Investor Relations, Tel: +1-646-201-9246,
Fax: +972-3-607-4711, E-mail:
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