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| Type | Public NASDAQ: ESLT |
|---|---|
| Founded | 1967 |
| Headquarters | Haifa, Israel |
| Key people | Michael Federmann (Chairman of the board, Joseph Ackerman President and CEO) |
| Industry | Aerospace, Defence, IT |
| Products | Defence Electronics, Tactical Radios, Unmanned aerial vehicles, Remote weapon systems, Radar, |
| Revenue | ▲ US$ 2,638 million (2008) |
| Operating income | ▲ $ 223.86 million (2008) |
| Profit | ▲ $ 204.18 million (2008) |
| Employees | 10,867 (2008) |
| Subsidiaries | Elbit Systems of America, Tadiran Communications Ltd., Electro-Optics Elop Ltd. (Elop), Elisra, Cyclone Aviation Products, UAV Tactical Systems Ltd. (U-TacS) |
| Website | www.elbitsystems.com |
Elbit Systems Ltd. NASDAQ: ESLT is one of the world's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit employs 11,000 people worldwide.
Elbit Systems is traded on NASDAQ as well as on the Tel Aviv Stock Exchange where it is a constitute of the TA-25 Index of leading shares; however, as of 2008 over 45% of its stock is owned or controlled by Michael Federmann, who serves as the company's Chairman of the Board.[1]
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History
Early Years – A division within Elron
Elbit Systems was founded in 1966 by Elron Electronic Industries (TASE: ELRN), which combined the existing expertise within the Israel Ministry of Defense-Research Institute in special computer design with Elron's experience in electronic product design, manufacture and management (initially under the name Elbit Computers). Elbit steadily expanded developing and producing logistic-support weapon delivery and navigation systems for most Israeli aircraft, establishing a combat avionics package for the IAI Lavi fighter aircraft, and producing a fire-control system for the Merkava tank.[2]
1996 IPO on NASDAQ
In 1996, Elbit spun off into three independent companies:
- Elbit Medical Imaging NASDAQ: EMITF - During 1999 to 2000 Elscint (Another affiliate of Elron) and Elbit Medical Imaging sold their imaging activities to General Electric Medical Systems and to Picker (now part of Philips Medical Systems) for approximately $600 million.
- Elbit Systems – Created as the defence electronics arm of Elbit, the company had an Initial public offering on the NASDAQ stock market and finished its first day of trading at a price of $7.75 (on 25 August 2009 it reach an all time high of $70.69).
- Elbit - which focused on communications activities and in 1999 led the consortium that founded Partner Communications Company Ltd., Israel's first GSM operator NASDAQ: PTNR. In 2002 Elbit was merged into Elron. Elron sold its shares in Partner during 2003-2006 for approximately $160 million.
Merger with El-Op
In 2000 Elbit Systems merged with El-Op (a company controlled by the current Chairman, Michael Federmann) , creating the largest non governmental defense electronics company in Israel and increasing Elbit Systems' value which later in 2004 enabled Elron to sell its shares in Elbit Systems for approximately $200 million. Following the merger with El-Op, Michael Federmann became the largest shareholder in the combined group.
Growth by acquisition
Following the merger with El-Op, Michael Federmann and CEO Joseph Ackerman led an aggressive growth by acquisitions strategy. The company acquired companies, including:
- Elisra (70% ownership)
- Tadiran Communications
- Shiron Satellite Communications
- Mikal Ltd
- BVR Systems
- Assets of Israel Military Industries’ Aircraft Systems Division
- Innovative Concepts, Inc.
Major Subsidiaries
Elbit's major subsidiaries and affiliated companies include Elbit Systems Electro-Optics Industries Elop (Elop), Cyclone Aviation Products (Cyclone), Tadiran Communications, Silver Arrow, Ortek, and Elisra. Among products manufactured by Elbit are the Enhanced Tactical Computer and the Elbit Hermes 450 unmanned aerial vehicle.
Global Presence
USA
Elbit also owns several companies in the United States through its American subsidiary, Elbit Systems of America (ESA):
- EFW in Fort Worth, Texas (the EFW facility also houses ESA's home office)
- EFW manufactures various components for the F-16, V-22, and Bradley Fighting Vehicle, among other programs.
- IEI in Talladega, Alabama (formerly International Enterprises, Inc.)
- Kollsman in Merrimack, New Hampshire
- Kollsman is a subcontractor to Boeing on SBInet, a high-tech security system for the U.S.-Mexico border in conjunction with the United States Department of Homeland Security.[3]
- Talla-Com in Tallahassee, Florida
- Innovative Concepts, Inc. (ICI) in McLean, Virginia
- VSI in San Jose, California (a joint venture with Rockwell Collins, formerly known as Vision Systems International)
UK
In 2005 Elbit set up a joint venture company in the UK with Thales, UAV Tactical Systems Ltd (U-TacS), developing the British Army Watchkeeper WK450. On 7 December 2007 it was announced that QinetiQ LSE: QQ. will join the programme as a sub-contractor to provide testing services at ParcAberporth, West Wales. [4]
Romania
AE Electronics S.A. Bacau was founded in 1998 as a joint venture company with S.C. Aerostar S.A. (Romania) [5]
On september 3 the Norwegian Pension Fund's ethical council decided to sell the fund's stocks in Elbit due to the corporations supply of surveillance systems for the Israeli West Bank barrier.[6]
References
- ^ Elbit Systems LTD 2008 Form 20-F, p. 74
- ^ , http://www.elron.com/default.asp?PageID=203 Elron's story - Technology Investment With Vision, retrieved 2009-10-06
- ^ Goldman, Laura (2006-10-15). "Israeli technology to keep US borders safe". Israel21c. http://www.israel21c.org/bin/en.jsp?enDispWho=Articles%5El1450&enPage=BlankPage&enDisplay=view&enDispWhat=object&enVersion=0&enZone=Technology. Retrieved 2007-04-11.
- ^ , http://www.qinetiq.com/home/newsroom/news_releases_homepage/2007/4th_quarter/watchkeeper_contract.html Qinetiq wins Watchkeeper drone test contract, retrieved 2009-10-06
- ^ , http://www.aee.ro/site/en/about.html, retrieved 2009-10-06
- ^ "Norwegian Gov't Pension Fund exits Elbit Systems". Globes [online], Israel business news. 2009-09-03. http://www.globes.co.il/serveen/globes/DocView.asp?did=1000495337&fid=1725. Retrieved 2009-09-04.
External links
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