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Elbit Systems — M&A Activity 2004
Jan 4, 2004
6762_rns_2004-01-04_c604cb5a-1f5b-4ffc-9984-235d89a89917.pdf
M&A Activity
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4.1.2004
לכבוד רשות ניירות ערך כנפי נשרים 22 םירושלי
א.ג.נ.,
לעתונות הודעה– ( "החברה" מ ) "ט מערכות בעיאלב : הנדון
ב ולהגישה "בארההיום שבכוונתנו לפרסם (Press Release) ה לעתונותב הודע" מצ . לרשות ניירות ערך האמריקאית6K ח" כדו
, בכבוד רב
אילן פכולדר מזכיר החברה
Business News
The Elbit Systems Group Acquires the Business Activities of the Aircraft Systems Division of Israel Military Industries
Haifa, Israel, January 4, 2004 – Elbit Systems Ltd. (NASDAQ: ESLT) announced today that its wholly owned subsidiary Cyclone Aviation Products Ltd. ("Cyclone") has signed an agreement for the acquisition of the business activities of the Aircraft Systems Division of Israel Military Industries Ltd. ("IMI") in Tirat Hacarmel, Israel for the price of approximately $7.5 million, subject to accounting adjustments.
The Aircraft Systems Division of IMI manufactures weapon pylons and external fuel tanks for fighter aircraft. The customers of the Aircraft Systems Division include the Israel Ministry of Defense, the U.S. Department of Defense, U.S. aviation companies and other customers worldwide. The revenues of the Aircraft Systems Division in 2003 were approximately $14 million.
Cyclone, located near Karmiel, Israel, is engaged in the development and manufacturing of structural assemblies for civil and military aircraft and in maintenance services for helicopters and aircraft. Cyclone employs approximately 350 employees.
Pursuant to the acquisition, the business and operational activities of the Aircraft Systems Division will be integrated with Cyclone's activities.
The acquisition agreement was signed by the parties and the completion of the transaction is subject to conclusion of arrangements with the employees’ representatives and the Finance Ministry and receipt of all approvals required by law.
About IMI
Israel Military Industries Ltd. is a government owned company, which specializes in the development, manufacturing and deployment of a wide range of state-ofthe-art combat-ready solutions. Export constitutes 60% of IMI's annual sales. IMI's . customers include the Israel Ministry of Defense and armed forces worldwide
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of defense-related programs throughout the world, in the areas of aerospace, ground and naval systems, command, control, communications, computers and intelligence (C4I), advanced electro-optic and space technologies. The Company focuses on the upgrading of existing military platforms and developing new technologies for defense and homeland security applications.
Contacts:
| ts: | |
|---|---|
| Ilan Pacholder, VP Finance | Marilena LaRosa |
| Elbit Systems Ltd | The Anne McBride Company |
| Tel: 972-4 831-6632 | Tel: 212-983-1702 ext. 208 |
| Fax: 972-4 831-6659 | Fax: 212-983-1736 |
| [email protected] | [email protected] |
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.