Rafael, Aeronautics acquire Controp

The electro-optical and precision motion control systems company was bought at a value of NIS 300-350 million.

Rafael Advanced Defense Systems Ltd. and UAV manufacturer Aeronautics Ltd. have jointly acquired Controp Precision Technologies Ltd., a manufacturer of electro-optical and precision motion control systems, at a value of NIS 300-350 million.

Controp's four founders - including CEO Shlomo Nir - jointly own 82% of the company and will each make a gain of over NIS 60 million. They founded the company, which develops and produces surveillance systems such as thermal imaging cameras and electro optical infrared payloads for security and defense purposes, in 1998.

Aeronautics previously acquired 18% of Controp in 2004, and is acquiring an additional 32%. Rafael is acquiring 50%, and the two companies will own Controp in equal shares.

Rafael had a net profit of NIS 633 million on NIS 6.91 billion revenue in 2010. Aeronautics reportedly had $160 million in sales last year.

Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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