Elbit Systems Ltd. announced, 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. (“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. FIMI is a leading private equity fund in Israel with more than $7 billion in assets under management.
Ashot Ashkelon Industries Ltd is an Israeli manufacturer of build to print products such as: jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products to the Aerospace, Military, and Automotive industries. Ashot Ashkelon was founded in 1951 as Kaiser-Ilin Industries by businessman Efraim Ilin. Initially as a factory for assembling Kaiser-Frazer cars and Mack Trucks under license; Kaiser-Ilin had two production sites, one in Haifa (which opened in 1951) where the vehicle assembly line was based and one in Ashkelon (which was opened in 1960).
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.”
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.