HAIFA, Israel, Jan. 10, 2022 /PRNewswire/ — Elbit Systems Ltd. (NASDAQ: ESLT) and (TASE: ESLT) (“Elbit Systems” or the “Company”) announced today that its UK subsidiary, Elbit Systems UK Ltd. (“Elbit Systems UK”), has sold the Power and Control Business of its subsidiary Ferranti Technologies Ltd. (“Ferranti”), to TT Electronics (UK) Plc. (LSE: TTG.L) for approximately $12 million (approximately £9 million) in cash, subject to customary post-completion working capital adjustments.
The remaining business of Ferranti, including training and simulation, avionics, display systems, aircrew survival systems, platform protection and computing, are planned to be integrated into Elbit Systems UK.
Martin Fausset, CEO of Elbit Systems UK, said: “This reorganization is part of our strategy to focus activities on certain areas in order to support the continuous expansion of our operations and collaborations in the UK.”
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.
Joseph Gaspar, Executive VP & CFO
Rami Myerson, Director, Investor Relations
David Vaaknin, VP, Head of Corporate Communications
GK Investor Relations
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
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SOURCE Elbit Systems Ltd
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