Rafael and Aeronautics complete Controp acquisition

Rafael and Aeronautics both own 50% of Controp, which manufactures electro-optical and precision motion control systems.

Rafael Advanced Defense Systems Ltd. has completed the acquisition of 50% of Controp Precision Technologies Ltd. shares, after receiving permission from the Knesset Committee on Economic and Social Affairs, the Government Companies Authority, and the head of the Antitrust Authority. Aeronautics Ltd., which owns 18% of Controp shares, will also increase its stake to 50% with the closing of the deal. Controp is a manufacturer of electro-optical and precision motion control systems, including cameras for UAVs.

Controp, controlled by Shlomo Nir, Eli Ben Aharon, Sasson Bando, and Yehezkel Amber, was founded in 1988, and develops and manufactures sophisticated electro-optical security systems.

Rafael chairman Ilan Biran and CEO Yedidya Ya'ari said that Controp's dedicated and skilled managers and employees have made Controp a successful company with advanced electro-optical capabilities. They added that Controp will continue to function independently, with engineering, organizational, and marketing support from Rafael and Aeronautics, which will enable it to continue to provide total solutions and advanced systems to the IDF, the security establishment, as well as to clients overseas.

Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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