Elbit Systems completes Kinetic Systems takeover for $110m

Kinetic Systems makes advanced life support and environmental control systems.

Defense electronics firm Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) today completed its full takeover of Kinetic Systems Ltd. for $110 million in cash. Elbit Systems may pay up to an additional $8 million, depending on Kinetic Systems' 2009 results.

Elbit Systems previously owned 51% of the Israeli maker of advanced life support and environmental control systems. It originally acquired 34% of Kinetic Systems in 1998, and exercised an option to increase its stake to 51% in 2000. The company has a wholly-owned US subsidiary, Real-Time Laboratories LLC.

Kinetic Systems' products include climate control systems, and biological and chemical protection systems for combat vehicles. It also develops and manufactures hydraulics, fuel, braking and suspension systems, auxiliary power units for land vehicles, as well as hydraulic systems for aircraft. Kinetics main customers are in Israel, Europe and the US. The company is based in Airport City, near Ben Gurion Airport, outside Tel Aviv.

Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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