July 26, 2007 / 9:22 AM / 12 years ago

Israel's Elbit Systems buys Britain's Ferranti

JERUSALEM, July 26 (Reuters) - Elbit Systems Ltd. (ESLT.TA), Israel’s largest private defence contractor, said on Thursday it had bought Britain’s Ferranti Technologies for 15 million pounds.

The acquisition of Ferranti, a supplier of engineering, manufacturing, and product support solutions to the aerospace and defence markets, will enable Elbit to provide enhanced access and support to its customers in the United Kingdom and Europe, Elbit said in a statement.

“I believe that Ferranti and its management will significantly enhance our business base in the UK and enable us to provide better support to our customers, while gaining better market access in the UK and Europe,” Joseph Ackerman, President of Elbit Systems Ltd., said in the statement.

Ferranti specialises in the manufacture and design of a wide range of electronic power management and control systems for application on air, land and seaborne platforms, including safety-critical applications.

It recorded annual sales of about $33 million in 2006, Elbit said.

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