Elbit Systems Ltd, HAIFA, Israel: Elbit Systems Ltd. reported that its U.S. subsidiary Kollsman, Inc. has acquired a 20% interest in Sandel Avionics, Inc. (Sandel) in consideration for $12 million. Sandel, based in Vista, California, produces specialized integrated display systems and other products for the commercial aviation market.
Kollsman has an option to buy the remaining 80% interest in Sandel for a period of 30 months after the initial investment. During the option period, Kollsman has the right to representation on the Sandel board of directors, as well as several specific minority rights. In addition, Kollsman and Sandel have formed an alliance to cooperate on product development and marketing.
Elbit Systems is assessing the impact of this acquisition on its consolidated financial statements for the second quarter of 2006.
It is expected that some of Kollsman
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