Sources inform ''Globes'' that Soltam Systems Ltd. president David Marsiano is leaving the company, three days after its acquisition by Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT). The resignation was apparently prearranged, as Elbit System has already appointed his successor: Elbit Systems VP Land Division Amos Matan, who heads the company's digital land army program.
Elbit Systems is acquiring the stakes of Mikal Technologies Ltd. in three companies: Soltam, Saymar Ltd., and ITL Optronics Ltd. (TASE: ITL) for $87 million. Soltam, the largest of the three companies, manufactures artillery, mortars, and munitions. Its most noted products include the Cardom 120-mm self propelled mortar, and Atmos automated truck mounted artillery.
Yokne'am-based Soltam has 250 employees. Soltam CFO Ron Freund also announced his resignation.
Published by Globes [online], Israel business news - www.globes-online.com - on September 6, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010