Israel-based Elbit Systems has agreed to acquire the night vision business of Harris, which now operates as L3Harris Technologies, for $350M and CEO Bezhalel Machlis said he expects to close the transaction in the early fourth quarter of 2019, Reuters reported Thursday.
The deal would mark Elbit“™s third acquisition since last year and is expected to add approximately $160M in annual revenue to the Israeli defense electronics firm.
“These acquisitions will strengthen our position in the United States,“ Machlis told the publication. “I am putting an emphasis on our activity in the U.S. market. It will improve our position in this market in the commercial avionics business and in the night vision business in the United States.“
Elbit acquired military systems manufacturer IMI from the Israeli government for $500M in November 2018 seven months after it purchased Universal Avionics Systems for $120M. Elbit reported $1.06B in revenue during the second quarter of 2019 with an order backlog of $9.8B, up from $8.1B in the prior year period.