HAIFA, Israel, December 15, 2010 /PRNewswire via COMTEX/ --
Ltd. (NASDAQ and TASE: ESLT) announced today that its wholly-owned U.S.
subsidiary, Elbit Systems of America, LLC, ("ESA") acquired 100% of M7
Aerospace LP (M7 Aerospace) in a $85 million all cash transaction.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
Located in San Antonio, Texas, M7 Aerospace is an integrated service
company, offering a full suite of aviation services in the areas of
Aerostructures Manufacturing, Government Logistics Support Services,
Maintenance, Repair & Overhaul, Engineering Services, Aircraft Parts and
Support, Supply Chain Management and Purchasing.
M7 Aerospace will join ESA as a part of the company's offerings of
comprehensive large fleet, multi-site contractor logistics support, life
cycle contractors and depot support for fleets operated by the United States
military. M7 Aerospace will also bring world class capabilities in avionics
upgrades, special mission modifications, reset programs and airframe
modification and repair for numerous aircraft platforms operated by both
commercial and military customers.
Elbit Systems of America, President and CEO, Raanan Horowitz commented:
"We are pleased to take this important step towards enhancing our support
solutions capabilities in the U.S. market. This acquisition complements the
breadth and depth of ESA's experience in the support and maintenance of
aircraft both domestically and world-wide, and we hope it will open the door
to new customers and projects". Horowitz added:"We are proud to welcome the
employees of M7 Aerospace to the ESA team. Their skills and experience
provide an extremely valuable asset to our organization".
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company
engaged in a wide range of programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas of
aerospace, land and naval systems, command, control, communications,
computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned
aircraft systems ("UAS"), advanced electro-optics, electro-optic space
systems, EW suites, airborne warning systems, ELINT systems, data links and
military communications systems and radios. The Company also focuses on the
upgrading of existing military platforms, developing new technologies for
defense, homeland security and commercial aviation applications and providing
a range of support services.
For additional information, visit: http://www.elbitsystems.com.
This press release contains forward-looking statements (within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended) regarding Elbit
Systems Ltd. and/or its subsidiaries (collectively the Company), to the
extent such statements do not relate to historical or current fact. Forward
Looking Statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. These statements are not guarantees of future performance
and involve certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may differ
materially from these forward-looking statements due to a variety of factors,
including, without limitation: scope and length of customer contracts;
governmental regulations and approvals; changes in governmental budgeting
priorities; general market, political and economic conditions in the
countries in which the Company operates or sells, including Israel and the
United States among others; differences in anticipated and actual program
performance, including the ability to perform under long-term fixed-price
contracts; and the outcome of legal and/or regulatory proceedings. The
factors listed above are not all-inclusive, and further information is
contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is
on file with the U.S. Securities and Exchange Commission. All forward-looking
statements speak only as of the date of this release. The Company does not
undertake to update its forward-looking statements.
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, VP & Head of Corporate Communications
Elbit Systems Ltd
Ehud Helft / Kenny Green
CCG Investor Relations
SOURCE Elbit Systems Ltd