Benzinga | Jan 10, 2022 06:36AM EST

Elbit Systems Sells Power And Control Business Of Ferranti In The UK For $12M

* Elbit Systems Ltd (NASDAQ:ESLT) U.K. subsidiary, Elbit Systems UK Ltd., sold the Power and Control Business of its subsidiary Ferranti Technologies Ltd to TT Electronics (OTC:TTGPF) for ~$12 million in cash.

* Elbit Systems plans to integrate the remaining business of Ferranti, including training and simulation, avionics, display systems, aircrew survival systems, platform protection, and computing, into Elbit Systems UK.

* The company noted the reorganization as part of its strategy to focus activities on specific areas to support expanding operations and collaborations in the U.K.

* Price Action: ESLT shares closed higher by 0.49% at $176.89, and TTGPF higher by 5.86% at $3.25 on Friday.