Elbit Acquires Ferranti Technologies
On July 26/07, Elbit Systems Ltd. announced that it has acquired the entire share capital of the UK company Ferranti Technologies (Group) Limited (“FTL”) for GBP 15 million (about $31 Million). FTL are specialists in the manufacture and design of wide range of electronic power management and control systems for application on air, land and seaborne platforms, with emphasis on the aerospace industry and on reliable operation in harsh climatic and electromagnetic environments. FTL’s comprehensive customer logistic support services cover repair, overhaul, modification, integrated logistic support, and post design services.
Elbit sees the acquisition as a way of enhancing support for its products in Europe, in conjunction with UAV engine company UEL and the U-Tacs joint venture behind the UK’s Watchkeeper UAV system.
FTL is located in Oldham, UK, and was established in 1994. It was formerly part of Ferranti International Group, and owns the former Ferranti name. In 2006, the Company reported annual sales of over Â£16 million/ $33M), with a workforce of 180 employees. The firm was sold by The Fifth Causeway Development Fund (advised by ABN AMRO Capital Ltd.) and by FTL’s management; it will continue its business growth in its Oldham facility in North West England.