Haifa, Israel, January 10, 2022 – Elbit Systems Ltd. (NASDAQ:ESLT and TASE: ESLT)(“Elbit Systems” or the “Company”) announced today that its UK subsidiary, Elbit Systems UK Ltd. (“Elbit Systems UK”), has sold the Power and Control Business of its subsidiary Ferranti Technologies Ltd. (“Ferranti”), to TT Electronics (UK) Plc. (LSE: TTG.L) for approximately $12 million (approximately £9 million) in cash, subject to customary post-completion working capital adjustments.
The remaining business of Ferranti, including training and simulation, avionics, display systems, aircrew survival systems, platform protection and computing, are planned to be integrated into Elbit Systems UK.
Martin Fausset, CEO of Elbit Systems UK, said:“This reorganization is part of our strategy to focus activities on certain areas in order to support the continuous expansion of our operations and collaborations in the UK.”
Elbit Systems UK has three wholly owned subsidiaries and two joint ventures, employing over 600 personnel in the UK. The two joint ventures were formed in order to deliver the Watchkeeper program for the British Army and to supply and support three fleets of aircraft for the Royal Air Force within the UK MOD Military Flying Training System (UKMFTS) program. Additionally, Elbit Systems UK supplies the UK MOD with major defence programs, including the Royal Navy’s “Selborne” future naval training program and “MEWP” Maritime Electronic Warfare System Integrated Capability program as well as the British Army’s “D-JFI” Dismounted Joint Fires Integrators program, the “JFST” Joint Fires Synthetic Training and the supply of Night Vision Goggles.