Elbit Systems of America Completes Acquisition of Sparton Corporation
Elbit Systems Ltd. - Ordinary Shares (ESLT)
Last elbit systems ltd. - ordinary shares earnings: 3/25 04:11 am
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ir.elbitsystems.com
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Source: PR Newswire
HAIFA, Israel, April 6, 2021 /PRNewswire/ -- Elbit Systems of America, LLC ("Elbit Systems of America") has completed the acquisition of Sparton Corporation ("Sparton") from an affiliate of Cerberus Capital Management, L.P. for $380 million, subject to customary price adjustments, resulting in a significant expansion of Elbit Systems of America in the United States.Sparton, with its 120-year history and decades of defense experience spanning from World War I to today, is a U.S.-based premier supplier of critical undersea warfare solutions to the U.S. Navy and its allies, as well as engineered products for the defense industry."We welcome Sparton's employees to the Elbit Systems of America family. Acquiring Sparton, one of the primary American suppliers of sonobuoys, as well as other undersea warfare products, provides us with another significant franchise and an expansion of our business with the U.S. Navy and within the U.S.," said Raanan Horowitz, President & CEO of Elbit Systems of
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