Elbit acquires IMI Systems

Israeli defense contractor Elbit Systems said yesterday it has completed its acquisition of IMI Systems for about $495 million with a potential additional payment of about $27 million if performance goals are met.

IMI specializes in combat mobility, survivability and protection systems, armor solutions and crisis management, Elbit said.

"The synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena," Bezhalel Machlis, Elbit's chief executive, said in a statement.