Electro-optics systems developer ITL Optronics Ltd. (TASE: ITL) said today that it is in talks with several parties to sell its Pennsylvania-based Fraser Volpe LLC subsidiary.
The talks are based on a valuation for Fraser Volpe of $40-45 million.
ITL reported yesterday that Fraser Volpe had received a $15 million order from the US Army for the supply of electro-optic stabilized systems for observation and target acquisition, in addition to replacement parts.
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) owns around 87.85% of ITL.
Shares in ITL jumped 12.9% in mid-morning trading.
Published by Globes [online], Israel business news - www.globes-online.com - on October 11, 2010
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