Israel finalises sale of IMI Systems
Israel has finalised the sale of state-owned IMI Systems, former maker of the Uzi submachine gun, to defence firm Elbit Systems for $495 million, Elbit said on 25 November.
The government began the process of privatising IMI Systems, formerly known as Israel Military Industries, in 2013.
The $495 million price (1.8 billion shekels) will be supplemented by a further $27 million if IMI meets agreed performance goals, Elbit said in a statement.
Israeli Prime Minister Benjamin Netanyahu welcomed completion of the deal: ‘Today we are at the end of a long and important process that began several years ago. The sale of IMI to Elbit will facilitate the advancement of the Israeli defence industry, will leverage Israel's technological abilities, and will increase defence exports. All of these will directly contribute to the Israeli economy.’
Elbit CEO Bezhalel Machlis said: ‘the synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us...to realise the potential of the technologies of IMI in the international arena.’
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