Elbit Systems‘ (Nasdaq: ESLT) U.S. subsidiary has completed its purchase of a night vision business from L3Harris Technologies (NYSE: LHX) for approximately $350M in cash.
First announced in April, the divestment was a regulatory requirement associated with the L3 Technologies and Harris merger, which closed in June.
“The market position and technological strength of Harris Night Vision make this acquisition significant to our long-term growth strategy, with a particular focus on the U.S.,†Bezhalel Machlis, president and CEO of Elbit Systems, said in a statement published Sunday.
Erik Fox has been named vice president and general manager of the night vision business and will directly report to Raanan Horowitz, president and CEO of Elbit Systems of America. Fox will lead the unit as it works to broaden Elbit Systems’ position as a technology and defense systems supplier to the U.S., allies, federal law enforcement and homeland security markets.
“Under Erik Fox’s leadership of the Night Vision business, Elbit America has the ability to integrate night vision capabilities into future optical sensing and targeting systems that we can provide our customers,†Horowitz said.
Melbourne, Fla.-based L3Harris will use the proceeds from the deal to pre-fund its pension. The company retained its warrior mission solutions business, which produces electro-optical systems and night visions components for the U.S. military, first respondents and law enforcement agencies.
