Benzinga | Jan 10, 2022 05:19AM EST

Elbit Systems Announced UK subsidiary Sells Ferranti's Power and Control Business to TT Electronics for ~$12M in Cash

Elbit Systems Ltd . (NASDAQ:ESLT) ("Elbit Systems" or the "Company") announced today that its UK subsidiary, Elbit Systems UK Ltd. ("Elbit Systems UK"), has sold the Power and Control Business of its subsidiary Ferranti Technologies Ltd. ("Ferranti"), to TT Electronics (UK) Plc. (LSE: TTG.L) for approximately $12 million (approximately 9 million) in cash, subject to customary post-completion working capital adjustments.

The remaining business of Ferranti, including training and simulation, avionics, display systems, aircrew survival systems, platform protection and computing, are planned to be integrated into Elbit Systems UK.

Martin Fausset, CEO of Elbit Systems UK, said: "This reorganization is part of our strategy to focus activities on certain areas in order to support the continuous expansion of our operations and collaborations in the UK."