Elbit Systems Ltd., Israel’s largest non-government-owned defense company, said its US subsidiary has signed an accord with US firm Harris Corp. to acquire its night vision business for some $350 million in a bid to help the Israeli firm grow its activities in the US.
The deal is conditional on Harris’s proposed merger with L3 Technologies Inc. and other conditions, Elbit said in a filing to the Tel Aviv Stock Exchange on April 5. Harris said in January it was seeking to sell off the night vision business to address US Department of Justice concerns regarding antitrust issues arising from the merger with L3, Jane’s Defense Industry reported.
Headquartered in Roanoke, Virginia, Harris Night Vision is a developer, producer and supplier of night vision technology for the US and allied military and security forces and for the federal homeland security market.
“The market position and technological strength of Harris Night Vision make this acquisition significant to our long-term growth strategy, with a particular focus on the US,” said Bezhalel (Butzi) Machlis, Elbit Systems President & CEO in the filing.
Elbit Systems of America, LLC, which will be acquiring the Harris business, already provides high performance solutions to the US and homeland security market, and the acquisition will expand the firm’s offerings, he said.
Harris Corporation is a maker of tactical communications, geospatial systems, air traffic management and avionic and electronic warfare systems. The firm has government and commercial customers in more than 100 countries and has some $6 billion in annual revenue.
Elbit Systems is a high technology company that manufactures a wide range of defense, homeland security and commercial products and sells them globally.