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.’
More from Defence Notes
-
What the future holds for Ukraine and NATO under a Trump administration
Although Trump’s geopolitics policy for Europe remains unclear, defence analysts from the US and Europe predict how his incoming administration would attempt to handle critical issues on the continent.
-
RUSI deputy: UK needs longer procurement plans and improved awareness of US sift to Indo-Pacific
The UK budget announced in Parliament on 30 October was the first by a Labour government in 14 years which has also launched a review into defence procurement programmes.
-
Australia outlines longer punch and brings local industry onboard
The Australian government has placed a focus on Guided Weapons and Explosive Ordnance (GWEO) which has included the purchase of additional long-range rocket systems and investments in local production of missiles.
-
UK boosts defence budget by 5.3%, but is this enough?
The UK budget announced in Parliament on 30 October is the first by a Labour government in 14 years. While it sees a boost in defence spending, this comes in the face of fiscal challenges and the effects of inflation.
-
UK makes big moves to fix “broken” defence procurement system ahead of major review
The changes are intended to meet greater need and deliver more value for money.
-
US companies invest in production capabilities to satisfy DoD’s hunger for cutting-edge capabilities
BAE Systems, Booz Allen Hamilton and Lockheed Martin have been betting on new facilities and innovative manufacturing technologies to speed up the development of new solutions.