Fri, Dec 31, 2010
Elbit Systems Completes Acquisition Of M7 Aerospace
Elbit Systems of America (ESA), the wholly-owned U.S.
subsidiary of Israel-based Elbit Systems, acquired 100% of M7
Aerospace LP (M7 Aerospace) in a $85 million all cash transaction
earlier this month.
M7 Aerospace, which is based in San Antonio, will join ESA as a
part of the company's offerings of comprehensive large fleet,
multi-site contractor logistics support, life cycle contractors and
depot support for fleets operated by the United States military. M7
Aerospace will also bring world class capabilities in avionics
upgrades, special mission modifications, reset programs and
airframe modification and repair for numerous aircraft platforms
operated by both commercial and military customers.
"We are pleased to take this important step towards enhancing
our support solutions capabilities in the U.S. market. This
acquisition complements the breadth and depth of ESA's experience
in the support and maintenance of aircraft both domestically and
world-wide, and we hope it will open the door to new customers and
projects," said Elbit Systems of America, President and CEO, Raanan
Horowitz. "We are proud to welcome the employees of M7 Aerospace to
the ESA team. Their skills and experience provide an extremely
valuable asset to our organization," he added.
The San Antonio Express News reports that the company is
expected to grow under the Elbit Systems umbrella, though no
timeline was given by the new owners. M-7's roots extend back to
Fairchild Aircraft Company, and is based at San Antonio
International Airport. It's primary business was in the defense
sector, modernizing C-23 Sherpa aircraft for the Army, but the new
ownership may have the company looking more to civilian aviation.
It employs about 550 people in the San Antonio region.
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