Elbit is about to buy state-owned IMI for 1.8B NIS
12 March, 2018
IMI Systems is a major IDF (Israel Defese Forces) contractor, with total sales of approximately NIS 2.1 billion in 2016, from which 60% were export
More than 15 years since the first decision to sell the state-owned defense systems house, IMI Systems, it was finally almost done: The Israeli Ministry of Finance announced today it reached an agreement about the general outlines of a deal to sell IMI Systems to Elbit Systems, for 1.8 billion NIS (approximately $514 millions).
The transaction will position Elbit as the biggest defense conglomerate in Israel, with activities ranging from defense electronics warfare, Electro optics, Space systems, Avionics, Cyber intelligence and Land and Marine combat systems, and now also systems, Firepower and small caliber ammunition, combat engineering and more.
Part of the deal will be a major change in the production facilities: Elbit will evacuate the current IMI compounds in the center of Israel, and transfer its production to the Negev, in the South of Israel. IMI Systems is a major contractor of IDF (Israel Defese Forces), with total sales of approximately NIS 2.1 billion IN 2016, from which 60% were export.
IMI provides a wide range of defense systems, including air-to-ground smart warheads, small caliber ammunition, Advanced Artillery Technologies, high accuracy rocket stems, Iron Fist active protection systems and more.
The outline does not includes the classified unit Tomer. This unit is responsible for the development and production of unique rocket propulsion systems. Techtime has learned that the Tomer activity will remain a state-owned independent company, and a suppliers to local defense companies like Rafael and Israel Aerospace Industries.
IMI Systems website: www.imisystems.com
Posted in: News