Elbit Systems (NASDAQ: ESLTF - news) today announced that it had completed the acquisition of a 10% holding in Soltam Systems Ltd., the defense business subsidiary of the Soltam Group based in Yokneam, Israel. The acquisition was made through an investment in Soltam Systems, based on a total company value of more than $40 million.
Soltam Systems develops, manufactures and sells products and systems in the area of artillery with annual revenues of $45-50 million. The company's sales are mainly for export.
Elbit Systems and Soltam Systems have complementary capabilities in the area of artillery. The new acquisition will further strengthen the existing cooperation between the two companies and is expected to expand their business activity in this field.
Published by Israel's Business Arena on May 8, 2000.