$380 Million for Tier 1 Sonobuoy Manufacturer
Elbit Systems of America, LLC, has completed the acquisition of Florida-based Sparton Corporation from Cerberus Capital Management, LP, the company announced on 6 April.
The purchase price was $380 million (€322 million), with closing following receipt of all the required approvals, including US government and regulatory approvals. Sparton develops, manufactures and supplies systems supporting undersea warfare for the US and allied navies. Recently recognized by the US Navy as a Tier 1 supplier, the company’s range of sonobuoys and associated displays and systems have won international renown.
“The growing importance of the maritime arena, and the market position and technological strength of Sparton, make this acquisition significant to our long-term growth strategy, with a particular focus on the US. We believe that the completion of this acquisition will be beneficial for both Elbit Systems’ and Sparton’s employees and customers,” declared Elbit Systems’ President and CEO, Bezhalel Machlis.