ESLT keeps growing in Europe:
Elbit Systems Acquires the UK Company Ferranti Technologies for GBP15 Million (US$31 Million)
Press Release Source: Elbit Systems Ltd Thursday July 26, 5:20 am ET
Elbit Systems Strengthens its Presence in the UK
Joseph Ackerman: The Acquisition is in Line With our Strategy to Provide Better Support to our Customers in UK and Europe
HAIFA, Israel, July 26 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ: ESLT - News) reported today that it has acquired the entire share capital of the UK company Ferranti Technologies (Group) Limited ("FTL") for GBP15 million (approximately US$31 Million).
FTL is an established supplier of engineering, manufacturing and product support solutions to the Aerospace and Defence markets. FTL designs and manufactures electronic, power and control solutions with emphasis on reliable operation in harsh climatic and electromagnetic environments. FTL's comprehensive customer logistic support services cover: repair, overhaul, modification, integrated logistic support, and post design services.
The acquisition of FTL will enable Elbit Systems to provide enhanced access and support to its customers in the UK and Europe. Together with U-TacS, a UAV Systems company and UEL, the UAV engines' company, the acquisition will strengthen the Group's presence in this important market.
Joseph Ackerman, President of Elbit Systems Ltd., said: "The acquisition of Ferranti Technologies Limited is in line with our strategy of growth through mergers and acquisitions. We have identified in Ferranti a highly capable management team. I believe that FTL and its management will significantly enhance our business base in the UK and enable us to provide better support to our customers, while gaining better market access in the UK and Europe"
Terry Scuoler, Managing Director of FTL said: "Elbit Systems has outstanding technology and a high reputation in the market place and we are excited that the transaction will allow us to further expend our business across the UK and Europe. We are very much looking forward to build on our respective successes to date and continue to serve our customers need.
FTL was sold by The Fifth Causeway Development Fund (advised by ABN AMRO Capital Ltd.) and by FTL's management.
About Ferranti Technologies
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