Elbit Systems Ltd. announced yesterday that it has reached an agreement to acquire the remaining 30% of the shares of Elisra Electronic Systems Ltd. held by Elta Systems Ltd.(a subsidiary of Israel Aerospace Industries Ltd.) for $67.5 million.
Category Archives: Business News
Norway: AnsuR Acquires Scandicraft
AnsuR, an Oslo, Norway-based supplier of small unmanned aerial vehicles, has announced its acquisition of Scandicraft, another Norwegian company that develops and markets microdrones for surveillance and security purposes.
BAE Systems Posts Net Profit – Warns About Defence Cuts
BAE Systems has just announced its year end results for 2010 returning to a net profit, but warning of the impact of defence budget cuts in Britain and the United States. Earnings after tax hit £1.05 billion ($1.69 billion, €1.25 billion) last year, compared with a net loss of £67 million in 2009.
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Cassidian $20M Joint Venture in Bangalore
Indian engineering major Larsen & Toubro has formed a 74/26 Joint Venture with Cassidian, for defence electronics. The JV, based in Talegaon and Bangalore where L&T has its defence facilities, will cover manufacturing, design, engineering, distribution and marketing in the fields of electronic warfare, radars, avionics and mobile systems for military applications. Around $20 million will be invested initially.
Ultra Electronics Makes Two US Acquistions
UK’s Ultra Electronics started the year with two US acquisitions: Adaptive Materials (AMI) for $23 million cash plus another $5 million based on future performance, and 3e Technologies International, for $30 million. AMI designs and makes propane fuel cells suitable to power small UAs demanding 50W-300W power, and 3e makes military grade wireless networking and communications equipment.
Imint Partners with L-3 Communication Systems-West for Real-Time Aerial Video Intelligence
The Swedish aerial video exploitation software firm Imint and US-based L-3 Communications Systems-West, a leader in high-speed digital communication systems that connect air, space and ground systems, are partnering to provide enhanced video intelligence exploitation from airborne surveillance. Continue reading
Insitu CEO Steps Down
Steve Sliwa, chief executive of Insitu Inc., a subsidiary of The Boeing Co., will retire April 1 after 10 years with the company. A replacement is currently being sought.
AeroVironment Gets $7.8M for Raven Upgrades
AeroVironment, Inc. has announced that it received a firm fixed-price order valued at $7,800,003 under an existing contract with the U.S. Army on January 25, 2011. The order comprises 919 digital module upgrade kits for the U.S. Marine Corps. The upgrade kits allow digital Raven unmanned aircraft systems to operate using a different frequency band than provided by the regular configuration.