05 Apr 19. Elbit Systems Ltd. (NASDAQ:ESLT and TASE: ESLT) (“Elbit Systems”) announced today that its U.S. subsidiary, Elbit Systems of America, LLC (“Elbit Systems of America”), has signed a definitive agreement with Harris Corporation (NYSE: HRS) (“Harris”) for the acquisition of Harris’ Night Vision business (“Harris Night Vision”) for a purchase price of $350m. The transaction is conditioned on completion of Harris’ proposed merger with L3 Technologies, Inc. (NYSE: LLL), as well as customary closing conditions, including receipt of regulatory approvals.
Headquartered in Roanoke, Virginia, Harris Night Vision is a premier developer, producer and supplier of night vision technology for the U.S. and allied military and security forces and for the federal homeland security market.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “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 U.S. Elbit Systems of America has a proven track record of providing high performance solutions and support services to the U.S. defense and homeland security markets. We believe that the completion of this acquisition will be beneficial both for Elbit Systems and for Harris Night Vision’s employees and customers.”
BATTLESPACE Comment: This is a smart move by Elbit and it adds to the company’s growing portfolio of EO/IR night vison systems as well as giving the company access to Harris’s advanced soldier system currently under trials by a number of countries. This buy may have been prompted by the DoD who may have seen the consolidation of the Harris/L3 night vison products as a monopoly situation.