Defense electronics firm Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) said today that a US subsidiary has acquired 100% of M7 Aerospace LP for $85 million.
Elbit's wholly owned subsidiary Elbit Systems of America, LLC bought San Antonio, Texas-based M7 in all cash transaction.
M7 Aerospace is an integrated service company which provides aviation services in the areas of aerostructures manufacturing, government logistics support services, maintenance, repair & overhaul, engineering services, aircraft parts and support, supply chain management and purchasing.
M7 Aerospace will join ESA as a part of the company’s offerings of comprehensive large fleet, multi-site contractor logistics support, life cycle contractors and depot support for fleets operated by the United States military.
Elbit Systems of America president and CEO Raanan Horowitz said, "This acquisition complements the breadth and depth of ESA’s experience in the support and maintenance of aircraft both domestically and world-wide, and we hope it will open the door to new customers and projects". Horowitz added, "We are proud to welcome the employees of M7 Aerospace to the ESA team."
Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2010
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