HAIFA, Israel, June 30, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ:ESLT) and (TASE: ESLT) ("Elbit Systems" or "the Company") announced today, further to the Company's announcement of October 21, 2021, that it completed the sale of all ordinary shares held by its wholly-owned Israeli subsidiary, IMI Systems Ltd. ("IMI"), in IMI's 84.98%-owned subsidiary, Ashot Ashkelon Industries Ltd. (TASE: ASHO) ("Ashot") and all capital notes of Ashot held by IMI and Elbit Systems, to FIMI Opportunity Funds ("FIMI"), for approximately $84 million in cash (approximately NIS 291 million). The closing follows receipt of all the required regulatory approvals.
Ashot specializes in the manufacture of jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products for the aerospace and defense industries.
FIMI is a leading private equity fund in Israel with more than $7 billion in assets under management.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: "This sale is consistent with our strategy to focus on our core areas of business. Since the acquisition of IMI by Elbit Systems, Ashot has improved its business focus and operational efficiency. We look forward to continuing our cooperative work with both Ashot and FIMI."
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, Senior EVP – Business Management
Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer
Rami Myerson, Director, Investor Relations
David Vaaknin, VP, Brand and 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 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.
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SOURCE Elbit Systems Ltd