Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) said today that that as part of an internal reorganization of its holdings in some of its wholly-owned subsidiaries, its Silver Arrow unmanned aerial vehicle (UAV) unit will eventually be merged directly into Elbit Systems.

At the beginning of the process, the assets and liabilities of Silver Arrow will be transferred to a new wholly-owned subsidiary of Elbit Systems Elbit Systems Golden Arrow Ltd., and that will later be merged into Elbit Systems.

Elbit said the reason for the move is "to enhance the efficiencies of its business operations".

Elbit shares closed yesterday at $51.67, giving a market cap of $2.2 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2010

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