Elbit Systems of America has completed the previously announced acquisition of Harris’ Night Vision business in a deal valued at around $350m.
In April, Elbit Systems reached a definitive agreement to acquire the Night Vision business.
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The sale of the business was undertaken as part of a regulatory requirement for the merger between Harris and L3 Technologies.
The all-stock merger was completed recently and the combined entity is known as L3Harris Technologies.
L3Harris, which has around $17bn in revenue and 50,000 employees, stated that the sale proceeds would be used to pre-fund the L3Harris pension.
Elbit Systems president and CEO Bezhalel Machlis said: “The market position and technological strength of Harris Night Vision make this acquisition significant to our long-term growth strategy, with a particular focus on the US.
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By GlobalData“We believe that the completion of this acquisition will be beneficial both for Elbit Systems and for Harris Night Vision’s customers and employees.”
The company has appointed Erik Fox as the vice-president and general manager of Elbit Systems of America Night Vision.
Elbit Systems of America CEO Raanan Horowitz said: “Under Erik Fox’s leadership of the Night Vision business, Elbit America has the ability to integrate night vision capabilities into future optical sensing and targeting systems that we can provide our customers.”
The Night Vision business unit will supply solutions for ground platforms, infantry soldiers, pilots and marines.
L3Harris retained its warrior mission solutions business unit. The business provides night vision and electro-optical systems.
