Elbit Systems of America to acquire Sparton for $380m
Elbit Systems of America, a subsidiary of Israel’s Elbit Systems, has signed a definitive agreement to acquire Sparton for $380m.
Elbit Systems of America, a subsidiary of Israel’s Elbit Systems, has signed a definitive agreement to acquire Sparton for $380m.
Headquartered in De Leon Springs, Florida, Sparton focuses on developing electronic systems for defence and commercial requirements.
The company has three divisions- Undersea Warfare Solutions, Aydin Displays, and Stealth, and has a track record of supplying its products to the US Navy and allied military forces.
Elbit Systems president and CEO Bezhalel (Butzi) Machlis said: “The acquisition of Sparton will strengthen Elbit Systems of America’s capabilities and will enable expansion of activities in the naval arena.
“We believe this acquisition will be beneficial for both Elbit Systems’ and Sparton’s employees and customers.”
Elbit Systems of America will take over Sparton from one of the affiliates of Cerberus Capital Management, which acquired the company last year.
Sparton CEO Bill Toti said: “In partnership with Cerberus, we have taken significant steps to strengthen our platform and expand our capabilities.
“As we begin our next chapter of growth, we look forward to the strategic combination with Elbit Systems of America and leveraging our combined expertise to further elevate Sparton’s market-leading position.
“Together, we will be able to deepen our relationships and deliver innovative solutions to meet our customers’ needs.”
The completion of the acquisition is subject to customary closing conditions including regulatory approvals.
Earlier this year, the US Marine Corps (USMC) selected Kollsman, a subsidiary of Elbit Systems of America, for the Integrated Clip-on Advanced Targeting Sight (ICATS) solution.
The solution is for multi-spectrum clip-on weapon night sight to carry out day and night operations.