HAIFA, Israel, April 11, 2018 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems"
or "the Company") announced today that it has completed the
acquisition of the assets and operations of the privately-owned
U.S. company Universal Avionics Systems Corporation ("Universal
Avionics") for a purchase price of approximately $120 million.
Headquartered in Tucson
Arizona, and operating in several facilities across the
U.S., Universal Avionics is a developer and manufacturer of
commercial avionics systems for the retrofit and forward-fit
market, for a wide range of fixed and rotary aircraft types.
Universal Avionics' solutions include Flight Management Systems
(FMS), displays, communication systems, complete cockpit solutions
and additional advanced commercial avionics systems, which are
complementary to Elbit Systems' internationally successful
commercial avionics systems, Enhanced Flight Vision Systems (EFVS)
and Head-Up Display (HUD) product line.
This acquisition will enable the Company to offer a broad
portfolio of advanced end-to-end cockpit solutions for commercial
OEMs and After Market customers.
Following the acquisition, Universal Avionics' business will
continue to operate, with the same management and workforce and
under the same name, as a wholly-owned U.S. subsidiary of Elbit
Systems.
Bezhalel (Butzi) Machlis, Elbit Systems President &
CEO, commented: "We have been providing unique
enhanced flight vision and head up display systems for commercial
aviation platforms for the last several years and see this business
line as a key growth engine. Elbit Systems and Universal Avionics
share the same DNA of innovation and technological leadership, and
our combined portfolio creates synergies that will strengthen our
competitive position. I welcome the management and employees of
Universal Avionics to Elbit Systems, and I believe that their
skills and experience will greatly contribute to our activity in
the commercial aviation area."
About Universal Avionics
Universal Avionics is a leading manufacturer of innovative
commercial avionics systems offered as retrofit and forward-fit
solutions for a large diversification of aircraft types. To learn
more about Universal Avionics, visit
www.uasc.com/company/about.
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
and cyber-based systems. 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.
For additional information, visit: www.elbitsystems.com, follow
us on Twitter or visit our official Youtube Channel
This press release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended) regarding Elbit Systems Ltd. and/or its subsidiaries
(collectively the Company), to the extent such statements do not
relate to historical or current fact. Forward-looking
statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may
differ materially from these forward-looking statements due to a
variety of factors, including, without limitation: scope and length
of customer contracts; governmental regulations and approvals;
changes in governmental budgeting priorities; general market,
political and economic conditions in the countries in which the
Company operates or sells, including Israel and the
United States among others; differences in anticipated and
actual program performance, including the ability to perform under
long-term fixed-price contracts; and the outcome of legal and/or
regulatory proceedings. The factors listed above are not
all-inclusive, and further information is contained in Elbit
Systems Ltd.'s latest annual report on Form 20-F, which is on file
with the U.S. Securities and Exchange Commission. All
forward-looking statements speak only as of the date of this
release. The Company does not undertake to update its
forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated companies.
All other brand, product, service and process names appearing
are the trademarks of their respective holders. Reference to
or use of a product, service or process other than those of Elbit
Systems Ltd. does not imply recommendation, approval, affiliation
or sponsorship of that product, service or process by Elbit Systems
Ltd. Nothing contained herein shall be construed as conferring by
implication, estoppel or otherwise any license or right under any
patent, copyright, trademark or other intellectual property right
of Elbit Systems Ltd. or any third party, except as expressly
granted herein.
Contacts:
Company Contact:
JosephGaspar
Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
DavidVaaknin
VP, Head of Corporate Communications
Tel: +972-77-2946691
David.Vaaknin@elbitsystems.com
IR Contact:
Ehud Helft
Gavriel Frohwein
GK Investor Relations
Tel: +1-646-688-3559
elbitsystems@gkir.com
SOURCE Elbit Systems Ltd.