Elbit bought a 25% stake in Ortek from DRB of the Steinmetz group. Financial terms of the deal were not disclosed. Ortek develops electro-optical systems for border and site control.
Israeli defense electronics company Elbit Systems (Nasdaq: ESLT) announced today it had increased its holding in its subsidiary Ortek to 100% after buying a 25% stake in the company from DRB of the Steinmetz group. Elbit Systems did not disclose financial terms of the deal. Ortek develops electro-optical systems for border and site control. Ortek's customer base includes the Israel Defense Forces and security authorities worldwide. Ortek was established in 1983 and employs 50 employees. Elbit Systems president and CEO Joseph Ackerman said, “The completion of this acquisition builds on existing synergies within the Elbit Systems Group as Ortek's business activities complements El-Op's expertise in observation systems. The acquisition constitutes another step to expand Elbit Systems' activities in the security area.” Elbit Systems is engaged in a wide range of defense-related programs in the areas of aerospace, ground and naval systems, command, control and communications and electro-optic technologies. The company focuses on the upgrading of existing military platforms and developing new technologies for defense applications. Elbit Systems’ Tel Aviv share closed down 0.6% on Monday, at NIS 79.50. Elbit’s Nasdaq-listed share closed on Friday at $18.
Published by Israel's Business Arena on 28 January, 2002