Elbit Systems’ completed acquisition of L3Harris Technologies’ Harris Night Vision business is a “very big step” for the U.S. part of the Israel-based company that will likely lead to more targeted acquisitions of complementary technology, Elbit America CEO and President Raanan Horowitz said today.
Elbit and the Harris Corporation announced in April their agreement to acquire Harris’ night-vision business for $350 million. On July 1, Harris completed its merger with L3 Technologies after L3Harris divested Harris Night Vision as part of the regulatory process. L3Harris retained the L3 Warrior Mission Solutions business.
“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.,” Elbit Systems President & CEO Bezhalel Machlis said in a statement Sunday. “We believe that the completion of this acquisition will be beneficial both for Elbit Systems and for Harris Night Vision’s customers and employees.”
Horowitz told reporters today that Elbit is “proud to have that business with its long heritage as part of the Elbit family” and will be combining the capabilities of Harris technology with current thermal-imaging products developed by Elbit.
The purchase, he said, brings a “unique capability” to Elbit as they “leverage both of those technologies” and fuse them together with augmented reality and mixed reality.
Elbit, which has been operating in the United States for 30 years, expects revenue in excess of $1.2 billion next year and sees “successive investments” on the horizon.
“Of course we will continue to look at other potential acquisitions,” Horowitz said. Elbit used existing financial resources to acquire Harris Night Vision, he said.
Horowitz stressed, though, that instead of future large acquisitions the company is looking for “very targeted, very specific technology” that can augment the capabilities of Elbit products and services.
“You’ll see us continue to make investments and continue to grow in the U.S. market,” he said.
Erik Fox, vice president and general manager of the Elbit America Night Vision business unit, reports directly to Horowitz and said his team began its first day today “well-situated and even more prepared to bring solutions” to clients including the U.S. military, law enforcement and homeland security.
Out of the 500 employees working in Roanoke, Va., about 60 percent work in production and 20 percent work on the engineering side.
“As the newest business unit within the Elbit America family, we’re going to leverage our legacy and tap into the expertise of the larger company,” Fox said in a statement Sunday. “Together, we can supply warfighters and first responders around the world with the innovative solutions they need to protect and save lives.”