The acquisition significantly enhances Elbit Systems’ position in the commercial aviation market
Haifa, Israel, April 11, 2018 – Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) (“Elbit Systems” or “the Company”) announced today that it completed the acquisition of the assets and operations of the privately-owned U.S. company Universal Avionics Systems Corporation (“Universal Avionics”) for a purchase price of approximately $120 million.
Headquartered in Tucson Arizona, and operating in several facilities across the U.S., Universal Avionics is a developer and manufacturer of 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.
This acquisition will enable the 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 U.S. subsidiary of Elbit Systems.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “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.”
About Universal Avionics
Universal Avionics is a leading manufacturer of innovative commercial avionics systems offered as retrofit and forward-fit solutions for a large diversification of aircraft types. To learn more about Universal Avionics, visit www.uasc.com/company/about.
About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial 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, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com, follow us on Twitter or visit our official Youtube Channel
Contacts:
Company Contact:Joseph Gaspar, Executive VP & CFO Tel: +972-4-8316663 j.gaspar@elbitsystems.com David Vaaknin, VP, Head of Corporate Communications Tel: +972-77-2946691 David.Vaaknin@elbitsystems.com
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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.
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