Elbit Systems' wholly owned subsidiary Cyclone Aviation has agreed to acquire the Aircraft Systems Division of Israel Military Industries (IMI) for around $7.5 million. The acquisition is part of Elbit's plan to step up competition with state-owned Israel Aircraft Industries through the expansion of its aerospace manufacturing capabilities. The IMI division, which posted revenues in 2003 of around $14 million, manufactures weapon pylons and external fuel tanks for fighter aircraft. Customers include the Israeli defence ministry and the US Department of Defense.
Source: Flight International