HAIFA, Israel, April 6, 2021 /PRNewswire/ -- Elbit Systems of
America, LLC ("Elbit Systems of America") has completed the
acquisition of Sparton Corporation ("Sparton") from an affiliate of
Cerberus Capital Management, L.P. for $380
million, subject to customary price adjustments, resulting
in a significant expansion of Elbit Systems of America in
the United States.
Sparton, with its 120-year history and decades of defense
experience spanning from World War I to today, is a U.S.-based
premier supplier of critical undersea warfare solutions to the U.S.
Navy and its allies, as well as engineered products for the defense
industry.
"We welcome Sparton's employees to the Elbit Systems of America
family. Acquiring Sparton, one of the primary American suppliers of
sonobuoys, as well as other undersea warfare products, provides us
with another significant franchise and an expansion of our business
with the U.S. Navy and within the U.S.," said Raanan Horowitz, President & CEO of Elbit
Systems of America. "Sparton has been and will continue to be
led by a strong and capable management team, and has a good
reputation with the U.S. Navy customer. I believe this acquisition
will have a positive impact on our growth in both the near and
long-term as we continue to invest in Sparton and work to expand
its business portfolio and capabilities."
"Demand for our undersea warfare products is increasing as a
result of a heightened threat environment in both the Indo-Pacific
and Atlantic," said Bill Toti,
President of Sparton De Leon Springs LLC ("Sparton De Leon
Springs"), an Elbit Systems of America company. "With Elbit Systems
of America's support, we will continue to be well positioned to
capitalize on growing opportunities in the undersea environment
with our leading technology and distinctive capabilities."
As part the acquisition, Elbit Systems of America has
established an independent U.S. Proxy Board to oversee all of
Sparton De Leon Springs' Undersea business activities, allowing it
to exclusively focus on higher sensitivity solutions and programs
for U.S. customers. The independent Sparton De Leon Springs' Proxy
Board members are the Honorable Kenneth J. Krieg, Mr. Brett B. Lambert, and Admiral Timothy J. Keating, USN (Ret.).
Sparton's Aydin Displays and Stealth divisions will operate as
part of Elbit Systems of America's existing security structure.
"Combining their superior technology and products with Elbit
Systems of America's Airborne Solutions business unit will generate
additional capabilities for our customers," Mr. Horowitz said.
Elbit Systems of America operates under a Special Security
Agreement with the U.S. Department of Defense that grants the
company full rights, privileges, and responsibilities to provide
advanced technology for U.S. national security needs. "Elbit
Systems of America enjoys a decades-long record of performance
supporting mission critical programs for the U.S. government, and
an outstanding record of superior security and trust." Mr. Horowitz
added.
About Elbit Systems of America, LLC
Elbit Systems of America, headquartered in Fort Worth, Texas, is a leading provider of
high-performance products, system solutions, and support services
focusing on the defense, homeland security, law enforcement,
commercial aviation, and medical instrumentation markets. With
facilities throughout the U.S., Elbit Systems of America is
dedicated to supporting those who contribute daily to the safety
and security of the United States. Elbit Systems of America is
wholly owned by Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), a
global high technology company engaged in a wide range of programs
for innovative defense and commercial applications. For
additional information, visit: www.ElbitAmerica.com or follow us on
Twitter, LinkedIn and Instagram.
About Sparton De Leon Springs, LLC
Sparton designs, develops, and produces proprietary products for
domestic and foreign defense needs. The company is a world leader
in the design, development, testing and production of complex
maritime electronic mechanical systems, including sonobuoys in
support of Anti-Submarine Warfare, submarine deployed products
supporting Undersea Warfare, and depth-rated encapsulated systems
to support Subsea and Seabed Warfare. Sparton's Web site may be
accessed at www.sparton.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, 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:
https://elbitsystems.com/, follow us on Twitter or visit our
official Facebook, YouTube and LinkedIn Channels.
Trademarks
Elbit Systems of America and other trademarks, service marks and
logos are registered or unregistered marks of Elbit Systems of
America companies in the United
States and in foreign countries. Copyright ©2021Elbit
Systems of America. All rights reserved.
Forward Looking Statement
This press release may contain forward–looking statements
(within the meaning of Section 27A of the Securities Act of 1933,
as amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Israeli Securities Law, 1968) regarding Elbit
Systems Ltd. and/or its subsidiaries (collectively the Company), to
the extent such statements do not relate to historical or current
facts. Forward-looking statements are based on management's current
expectations, estimates, projections and assumptions about future
events. 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, uncertainties and
assumptions about the Company, which are difficult to predict,
including projections of the Company's future financial results,
its anticipated growth strategies and anticipated trends in its
business. 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; changes in global health and
macro-economic conditions; differences in anticipated and actual
program performance, including the ability to perform under
long-term fixed-price contracts; changes in the competitive
environment; 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. Although the Company
believes the expectations reflected in
the forward-looking statements contained herein are
reasonable, it cannot guarantee future results, level of activity,
performance or achievements. Moreover, neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of any of these forward-looking statements.
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.
Media Contacts:
Greg
Caires
682-286-2299
greg.caires@elbitsystems-us.com
Amy Hartley
682-286-2411
amy.hartley@elbitsystems-us.com
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SOURCE Elbit Systems of America, LLC