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Elbit Systems Ltd. (NASDAQ: ESLT)
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(TASE: ESLT) ( Elbit Systems or the Company ) announced today, further to the Company s announcement of December 23, 2020, that its U.S. subsidiary, Elbit Systems of America, LLC ( Elbit Systems of America ), completed the acquisition of Sparton Corporation ( Sparton ) 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 premier developer, producer and supplier of systems supporting Undersea Warfare for the U.S. Navy and allied military forces.
Elbit America buys sonobuoy maker Sparton from Cerberus Sonobuoys are expendable undersea sensors dropped by the hundreds to detect enemy subs. (Elbit Systems) WASHINGTON ― The U.S. arm of Israel’s Elbit Systems, Elbit Systems America, has completed its $380 million purchase of Sparton, a critical supplier of sonobuoys to the U.S. Navy and allies, from Cerberus Capital Management, the companies announced Tuesday. Under the deal, Sparton will operate as a subsidiary of Elbit America with an independent board so that it can focus on undersea business activities with more sensitivity for U.S. customers, the companies said. Sparton’s chief executive, Bill Toti, was named president of the new Sparton De Leon Springs. The proxy board’s members are former Pentagon acquisition officials Kenneth Krieg and Brett Lambert as well as retired Navy Adm. Timothy Keating.
Elbit Systems of America Completes Acquisition of Sparton Corporation
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HAIFA, Israel, April 6, 2021 /PRNewswire/ Elbit Systems of America, LLC ( Elbit Systems of America ) has completed the acquisition of Sparton Corporation ( Sparton ) from an affiliate of Cerberus Capital Management, L.P. for $380 million, subject to customary price adjustments, resulting in a significant expansion of Elbit Systems of America in the United States.
Sparton, with its 120-year history and decades of defense experience spanning from World War I to today, is a U.S.-based premier supplier of critical undersea warfare solutions to the U.S. Navy and its allies, as well as engineered products for the defense industry.