Elbit Systems Completes Acquisition of International Enterprises, Inc.HAIFA, Israel--(BUSINESS WIRE)--October 4, 1999-- Elbit Systems Elbit Systems Ltd. NASDAQ: ESLT is one of Israel's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit has over 8,000 employees. Ltd. (NASDAQ-NM Symbol: ESLTF) announced today that on October 1, 1999, EFW EfW Energy From Waste EFW Estimated Fetal Weight EFW Emergency Feedwater EFW Electric Fusion Welded (pipe) EFW Electric Field and Wave Experiment (Cluster spacecraft) Inc., the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. ("EFW") completed its previously announced acquisition of International Enterprises, Inc. ("IEI IEI Institution of Engineers of Ireland IEI International Electronics Inc IEI Institution of Engineers India IEI International Epidemiology Institute IEI Israel Export Institute IEI Indoor Environmental Institute IEI Interrupt Enable Input "), a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Talladega, Alabama, for $15.9 million. IEI provides depot level repair, maintenance and logistics support for various electronic systems installed on aircraft and ships for the U.S. military and for customers worldwide. The addition of IEI's capability enhances and expands EFW's existing repair, maintenance and logistics support capabilities. IEI will function as a subsidiary of EFW and continue to operate from its current facility in Talladega, under the direction of existing management. Commenting on the completion of the acquisition, Joseph Ackerman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Elbit Systems said, "The acquisition of IEI confirms Elbit Systems' commitment to expanding its operations in the U.S. through its Fort Worth subsidiary. Strategically, IEI brings additional capabilities which further strengthen Elbit Systems' ability to provide total solutions to address the needs of our customers worldwide." ABOUT ELBIT SYSTEMS LTD. Elbit Systems Ltd. is engaged in a wide range of defense-related airborne, ground and command, control and communications ("C3") programs throughout the world. The Company focuses on upgrading of existing military platforms and developing new technologies for defense applications. Forward looking statements with respect to the Company's business, financial condition and results of operations, in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies as well as certain other risk factors which are detailed from time to time in the Company's SEC filings. |
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