Elbit Systems has completed the sale of all ordinary shares held by its wholly-owned Israeli subsidiary, IMI Systems (IMI), in IMI’s 84.98%-owned subsidiary, Ashot Ashkelon Industries (Ashot) and all capital notes of Ashot held by IMI and Elbit Systems, to FIMI Opportunity Funds (FIMI), for approximately $84 million in cash (approximately NIS 291 million). The closing follows receipt of all the required regulatory approvals.
Ashot specializes in the manufacture of jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products for the aerospace and defense industries.
FIMI is a leading private equity fund in Israel with more than $7 billion in assets under management.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “This sale is consistent with our strategy to focus on our core areas of business. Since the acquisition of IMI by Elbit Systems, Ashot has improved its business focus and operational efficiency. We look forward to continuing our cooperative work with both Ashot and FIMI.”
