Elbit Systems of America Closes Sparton Buy; Bezhalel Machlis Quoted

Elbit Systems’ (Nasdaq: ESLT) U.S. subsidiary closed its purchase of Sparton from an affiliate of Cerberus Capital Management after it received U.S. government clearance and other regulatory approvals needed to complete the transaction.

“The growing importance of the maritime arena and the market position and technological strength of Sparton 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 Tuesday.

Sparton is based in De Leon Springs, Florida, and is focused on developing and supplying systems in support of undersea warfare missions of the U.S. Navy and allied forces.

In December, Elbit Systems of America signed a $380 million deal to acquire Sparton as part of a push to strengthen its capabilities in the naval arena.

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