Ashot produces and tests a 1,500hp main automated transmission that is used in heavy-duty vehicles. (Photo: Ashot Ashkelon Industries)
Elbit Systems subsidiary IMI Systems is selling its stake in Ashot Ashkelon Industries to Israeli private equity firm FIMI Opportunity Funds, pending regulatory approval.
The deal is worth about $88 million, Elbit announced on 21 October.
Ashot specialises in the manufacture of jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products for the aerospace, defence and heavy automative industries.
It works with component manufacturers and OEMs such as Boeing, Collins Aerospace, Honeywell and Sikorsky.
The sale of Ashot ‘is consistent with our strategy to focus on our core areas of business’, Elbit president and CEO Butzi Machlis explained.
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