HAIFA, Israel, June 19, 2018 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit
Systems" or the "Company") announced today that the agreements
reached between Elbit Systems and the Israeli Government for the
acquisition of IMI Systems Ltd. ("IMI"), were approved by the
Committee for the Tender of the Sale of State Shares and by the
Board of Directors of the Company. The purchase price will be
approximately $495 million
(NIS 1.8 billion), with an additional
payment of approximately $27 million
(NIS 100 million) contingent upon IMI
meeting certain performance goals.
Completion of the transaction is subject to the signing of the
relevant documents and the receipt of the remaining applicable
governmental approvals, including the approval of the Head of the
Israeli Antitrust Authority.
Bezhalel (Butzi) Machlis, Elbit Systems President &
CEO, commented: "IMI Systems capabilities and technologies are
synergetic to Elbit Systems, making this acquisition significant to
our long-term growth strategy. We look forward to completing the
transaction, which will enable us to offer an enhanced portfolio to
both the Israeli and global markets. Elbit Systems has a proven
track record of successfully performing major acquisitions, and we
are confident that this acquisition will be beneficial for
Israel's economy as well as for
both companies' 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
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: http://www.elbitsystems.com,
follow us on Twitter or visit our official Youtube Channel.
About IMI Systems
IMI Systems Ltd is a globally recognized defense systems house,
specializing in the development and manufacturing of comprehensive
combat-proven solutions and technologies for the land, air, naval
and cyber and homeland security (HLS) requirements of the modern
battlefield. More than 8 decades of experience in the defense
market bestow IMI Systems' reputation as a preferred and highly
appreciated defense systems manufacturer in the areas of various
precision munitions, Combat mobility, survivability and protection
systems, armor solutions and HLS and Crisis management. IMI
Systems' unique combination of capabilities enables its customers
and business partners to enjoy the benefit of high standards,
uncompromising quality solutions while facilitating their abilities
to successfully cope with the demanding challenges of the future
battlefield.
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:
Joseph Gaspar
Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
David Vaaknin
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