Elbit Reorganizes its Business Activities
24 November, 2020
The reorganization will begin during the coming months and will be completed during 2021. Revenues in the third quarter of 2020 were $1,134 million, as compared to $1,101 million in Q3 2019
Above: Elbit Systems’ Brigade and Battlegroup Mission Training Center
Elbit Systems announced that it reorganizes certain business activities in order to strengthen synergies. The reorganization will begin during the coming months and will be completed during 2021. The company revealed that the activities in the area of Precision Guided Munition (PGM) will be integrated into the Land Division. The activity of Unmanned Aircraft Systems (UAS) will be integrated under Elbit Systems Aerospace Division in order to acieve more synergy across the military aircraft area.
The activities in the areas of Electro-Optical systems and the activities in the areas of Electronic Warfare (EW) and Signal Intelligence will create a new ISTAR & EW Division. Elbit operates in the areas of aerospace, land, and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance, unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems and munitions.
Mergers and Acquitisions
In September 2019 its U.S. subsidiary, Elbit Systems of America, completed the acquisition of the Night Vision business of L3Harris Technologies (Harris Night Vision) for $350 million. In November 2018 Elbit completed the Acquisition of the Israeli IMI Systems for a purchase price of approximately $495 million. All its 2,000 empoyees joined Elbit. This acquisition later led to the formation of Elbit Systems Land Division.
Elbit’s Revenues in the third quarter of 2020 were $1,134.2 million, as compared to $1,101.2 million in the third quarter of 2019. The Company’s backlog totals $10,858 million, as compared to $9,796 million as of September 30, 2019. Approximately 65% of the current backlog is attributable to orders from outside Israel. Bezhalel Machlis, President and CEO of Elbit, said that COVID-10 epidemic mainly impacted the Commercial Aviation business, “which resulted in a $60 million non-cash impairment of assets in the quarter.”
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Posted in tags: Elbit