HAIFA, Israel, April 5, 2019 /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 Harris Corporation (NYSE: HRS) ("Harris") for the acquisition
of Harris' Night Vision business ("Harris Night Vision") for a
purchase price of $350 million.
The transaction is conditioned on completion of Harris' proposed
merger with L3 Technologies, Inc. (NYSE: LLL), as well as customary
closing conditions, including receipt of regulatory approvals.
Headquartered in Roanoke,
Virginia, Harris Night Vision is a premier developer,
producer and supplier of night vision technology for the U.S. and
allied military and security forces and for the federal homeland
security market.
Bezhalel (Butzi) Machlis, Elbit Systems President &
CEO, commented: "The market position and technological strength
of Harris Night Vision make this acquisition significant to our
long-term growth strategy, with a particular focus on the U.S.
Elbit Systems of America has a proven track record of providing
high performance solutions and support services to the U.S. defense
and homeland security markets. We believe that the completion of
this acquisition will be beneficial both for Elbit Systems and for
Harris Night Vision's employees and customers."
About Harris Corporation
Harris Corporation is a leading technology innovator, solving
customers' toughest mission-critical challenges by providing
solutions that connect, inform and protect. Harris supports
government and commercial customers in more than 100 countries and
has approximately $6 billion in
annual revenue. The company is organized into three business
segments: Communication Systems, Electronic Systems and Space and
Intelligence Systems. Learn more at harris.com.
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 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.
For additional information, visit: www.elbitsystems.com, follow
us on Twitter or visit our official YouTube Channel.
Advisors
Jefferies LLC is acting as exclusive financial advisor to Elbit
Systems of America and Covington & Burling LLP is serving as
legal counsel for the acquisition. Morgan Stanley & Co. LLC is
acting as financial advisor to Harris and Sullivan & Cromwell
LLP is serving as legal counsel.
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
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SOURCE Elbit Systems Ltd.