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News

Elbit Systems to acquire the assets of BVR Systems (1998) Ltd.


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Elbit Systems
: 21 July, 2009  (Company News)
Elbit Systems Ltd. has announced that it signed an agreement for the acquisition of the assets of BVR Systems (1998) Ltd. (OTCBB:BVRSF.OB) for a price of $34 million, subject to accounting adjustments.
The closing of the transaction is subject to the fulfillment of certain conditions including receipt of all approvals required by law.

BVR Systems (1998) Ltd. is a leader in the area of development and production of training, simulation and debriefing systems for air, sea and ground forces.

Joseph Ackerman, President and CEO of Elbit Systems Ltd. commented: 'We welcome BVR's employees to the Elbit Systems family.The acquisition of BVR System's business activities is in line with our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value.' Ackerman further added: 'BVR Systems is a well-established company with advanced technology products that have proven operational success. The company's capabilities complement Elbit Systems' other training capabilities'.
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