Elbit Systems Ltd. (NASDAQ:ESLT and TASE: ESLT) (“Elbit Systems”) announced today that its U.S. subsidiary, Elbit Systems of America, LLC (“Elbit Systems of America”), has signed a definitive agreement with Harris Corporation (NYSE: HRS) (“Harris”) for the acquisition of Harris’ Night Vision business (“Harris Night Vision”) for a purchase price of $350 million.
The transaction is conditioned on completion of Harris’ proposed merger with L3 Technologies, Inc. (NYSE: LLL), as well as customary closing conditions, including receipt of regulatory approvals.
Headquartered in Roanoke, Virginia, Harris Night Vision is a premier developer, producer and supplier of night vision technology for the U.S. and allied military and security forces and for the federal homeland security market.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “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 of America has a proven track record of providing high-performance solutions and support services to the U.S. defense and homeland security markets. We believe that the completion of this acquisition will be beneficial both for Elbit Systems and for Harris Night Vision’s employees and customers.”