Elbit Systems’ US subsidiary has completed the acquisition of Florida-based Undersea Warfare systems producer Sparton Corporation.
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Press Release, Haifa, 06 April 2021: Elbit Systems Ltd. announced today, further to the Company’s announcement of December 23, 2020, that its US subsidiary, Elbit Systems of America LLC, completed the acquisition of Sparton Corporation from an affiliate of Cerberus Capital Management L.P. for a purchase price of $380 million. The closing follows receipt of all the required approvals, including receipt of US Government and regulatory approvals.
Headquartered in De Leon Springs, Florida, US, Sparton is a premier developer, producer and supplier of systems supporting Undersea Warfare for the US Navy and allied military forces.
[via Elbit Systems]
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “The growing importance of the maritime arena and the market position and technological strength of Sparton make this acquisition significant to our long-term growth strategy, with a particular focus on the US. We believe that the completion of this acquisition will be beneficial for both Elbit Systems’ and Sparton’s employees and customers.”
