Benzinga | Feb 8, 2021 09:02AM EST

Magal Security Systems Announces Sale Of Its Projects Division To Aeronautics Ltd., A Subsidiary Of RAFAEL For ~$35M

YEHUD, Israel, Feb. 8, 2021 /PRNewswire/ -- Magal Security Systems, Ltd. (NASDAQ:MAGS), a leading international provider of comprehensive physical, video, and access control security products and solutions, as well as critical site management, announced today its entry into an asset purchase agreement to sell its Integration Solutions Division, or projects division, to Aeronautics Ltd., a subsidiary of RAFAEL Advanced Defense Systems Ltd., for approximately $35 million. The transaction is expected to be completed by the second quarter of 2021, and is subject to customary closing conditions, including regulatory approvals. The Company will conduct a conference call to review the transaction on Wednesday February 10, 2021 at 11:00 a.m. Eastern Time.