Haifa, Israel. 25 November 2018 . Elbit Systems announced that it completed the acquisition of IMI Systems Ltd. (“IMI”) for a purchase price of approximately $495 million (NIS 1.8 billion), with an additional payment of approximately $27 million (NIS 100 million) contingent upon IMI meeting agreed performance goals.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “The synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena, making this acquisition significant to our long-term growth strategy.”
IMI Systems Ltd is a globally recognized defense systems house, specializing in the development and manufacturing of comprehensive combat-proven solutions and technologies for the land, air, naval and cyber and homeland security (HLS) requirements of the modern battlefield. More than 8 decades of experience in the defense market bestow IMI Systems’ reputation as a preferred and highly appreciated defense systems manufacturer in the areas of various precision munitions, Combat mobility, survivability and protection systems, armor solutions and HLS and Crisis management. IMI Systems’ unique combination of capabilities enables its customers and business partners to enjoy the benefit of high standards, uncompromising quality solutions while facilitating their abilities to successfully cope with the demanding challenges of the future battlefield
Machlis added: “Elbit Systems has a proven track record of successfully performing major acquisitions, and I am convinced that this acquisition will be beneficial for Israel’s economy, for both companies’ employees and customers and for our shareholders.”