Elbit America buys sonobuoy maker Sparton from Cerberus
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...