Image courtessy Elbit Systems Ltd.

Elbit Systems Completes Acquisition of Sparton for $380M

MTR

Elbit Systems Ltd. announced that its U.S. 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 U.S. Government and regulatory approvals.

Headquartered in De Leon Springs, Florida, U.S., Sparton is a developer, producer and supplier of systems supporting Undersea Warfare for the U.S. Navy and allied military forces.

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 U.S. We believe that the completion of this acquisition will be beneficial for both Elbit Systems' and Sparton's employees and customers."

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