Elbit Systems Ltd. announced 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. 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.
The acquisition strengthens TT’s UK aerospace and defence footprint and further enhances the capabilities of their power conversion and power management portfolio. With a recognised and reputable customer base, many of whom are supported by TT already, this acquisition will also bring opportunities for supply chain streamlining and consolidation for many key industry partners.
Ferranti P&C provides access to a range of recognised programs across both the military aerospace and commercial and business aerospace sectors with sole-sourced positions on major key platforms. TT is committed to investing in the business further to accelerate growth prospects and support continued expansion of differentiated engineering capability for the design and development of custom high-reliability power solutions.
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.
TT Electronics is a global provider of engineered electronics for performance critical applications. TT solves electronics challenges for a sustainable world. TT benefits from enduring megatrends in structurally high-growth markets including healthcare, aerospace, defence, electrification and automation. TT invests in R&D to create designed-in products where reliability is mission critical. Products designed and manufactured include sensors, power management and connectivity solutions. TT has design and manufacturing facilities in the UK, North America, Sweden and Asia.