RTTNews | Oct 21, 2021 04:49AM EDT

04:48 Thursday, October 21, 2021 (RTTNews.com) - Elbit Systems Ltd. (ESLT), an international defense electronics company, on Thursday, announced it has inked a definitive deal to sell all ordinary shares held by its wholly-owned Israeli subsidiary, IMI Systems Ltd or IMI, in its 84.98 percent-owned subsidiary, Ashot Ashkelon Industries Ltd., and all capital notes of Ashot held by IMI and Elbit Systems, to FIMI Opportunity Funds or FIMI, for approximately $88 million in cash.

FIMI is a leading private equity fund in Israel with over $5.5 billion in assets under management. 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.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: "Since the acquisition of IMI by Elbit Systems, Ashot has undergone several processes to improve its business focus and operational efficiency. This sale is consistent with our strategy to focus on our core areas of business. We look forward to continuing our cooperative work with both Ashot and FIMI".

Read the original article on RTTNews ( https://www.rttnews.com/3234307/elbit-systems-to-sell-ashot-to-fimi-opportunity-in-88-mln-cash-deal.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved