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Elbit Purchases Azimuth

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HAIFA, Israel, Jan. 25, 2010 -- Elbit Systems' wholly owned subsidiary, Elbit Security Systems Ltd., has announced that it has purchased the remaining shares of Azimuth Technologies Ltd. for approximately $46.5 million (173 million shekels). Elbit bought 19 percent of Azimuth's shares in November 2008. Joseph Ackerman, president and CEO of Elbit Systems, said, "The acquisition of the balance of Azimuth's shares underscores our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value. The acquisition will provide us with added value in the satellite navigation...Read full article

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