Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) is extending its presence in the UK with the acquisition of Feranti Technologies Ltd (FTL) for ₤15 million ($31 million).
FTL provides engineering, manufacturing and product support solutions to the aerospace and defense markets. The company designs and manufactures electronic, power and control solutions with emphasis on reliable operation in harsh climatic and electromagnetic environments. FTL's logistic support services cover repair, overhaul, modification, integrated logistic support, and post design services.
Elbit Systems says that the acquisition of FTL will enable it 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.
Elbit president and CEO Joseph Ackerman 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."
FTL managing director Terry Scuoler 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."
Published by Globes [online], Israel business news - www.globes.co.il - on July 26, 2007
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