Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that it has completed the acquisition of the assets and operations of US company Universal Avionics Systems Corporation for $120 million. Headquartered in Tucson Arizona, and operating in several facilities across the US, Universal Avionics develops and manufactures commercial avionics systems for the retrofit and forward-fit market, for a wide range of fixed and rotary aircraft types. Universal Avionics' solutions include Flight Management Systems (FMS), displays, communication systems, complete cockpit solutions and additional advanced commercial avionics systems, which are complementary to Elbit Systems' internationally successful commercial avionics systems, Enhanced Flight Vision Systems (EFVS) and Head-Up Display (HUD) product line.
The acquisition will enable the Israeli company to offer a broad portfolio of advanced end-to-end cockpit solutions for commercial OEMs and After Market customers.
Following the acquisition, Universal Avionics' business will continue to operate, with the same management and workforce and under the same name, as a wholly-owned US subsidiary of Elbit Systems.
Elbit Systems president & CEO Bezhalel Machlis said, "We have been providing unique enhanced flight vision and head up display systems for commercial aviation platforms for the last several years and see this business line as a key growth engine. Elbit Systems and Universal Avionics share the same DNA of innovation and technological leadership, and our combined portfolio creates synergies that will strengthen our competitive position. I welcome the management and employees of Universal Avionics to Elbit Systems, and I believe that their skills and experience will greatly contribute to our activity in the commercial aviation area."
Published by Globes [online], Israel business news - www.globes-online.com - on April 11, 2018
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