Elbit subsidiary in US completes acquisition of Sparton Corporation
Sparton, whose headquarters is located in De Leon Springs, Florida, develops systems supporting undersea warfare for the U.S. Navy
Ami Rojkes Dombe
| 08/04/2021
Bezhalel (Butzi) Machlis. Photo: Elbit
Israel's Elbit Systems announced Tuesday, in a follow-up to the company’s announcement of December 23, 2020, that its U.S. subsidiary, Elbit Systems of America, completed the acquisition of Sparton Corporation from an affiliate of Cerberus Capital Management, L.P. for a purchase price of $380 million. The completion of the acquisition follows receipt of all the required approvals, including U.S. government and regulatory ones.
Sparton, whose headquarters is in De Leon Springs, Florida, is a leading developer, producer and supplier of systems supporting undersea warfare for the U.S. Navy and allied military forces.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said "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."
Sparton, whose headquarters is located in De Leon Springs, Florida, develops systems supporting undersea warfare for the U.S. Navy
Bezhalel (Butzi) Machlis. Photo: Elbit
Israel's Elbit Systems announced Tuesday, in a follow-up to the company’s announcement of December 23, 2020, that its U.S. subsidiary, Elbit Systems of America, completed the acquisition of Sparton Corporation from an affiliate of Cerberus Capital Management, L.P. for a purchase price of $380 million. The completion of the acquisition follows receipt of all the required approvals, including U.S. government and regulatory ones.
Sparton, whose headquarters is in De Leon Springs, Florida, is a leading developer, producer and supplier of systems supporting undersea warfare for the U.S. Navy and allied military forces.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said "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."
