Elbit Systems' U.S. arm completes $380M Sparton buy
By
Ross Wilkers
Elbit Systems' U.S. business completes the $380 million acquisition of Sparton Corp., which will operate in a different structure within its new home.
Elbit Systems’ U.S. subsidiary has completed its $380 million acquisition of Sparton Corp., a maker of electronic systems and sonobuoys for the Navy and other allied military organizations.
Now owned by Elbit Systems of America, Sparton De Leon Springs will operate as a subsidiary of its acquirer with an independent board of directors so it can focus on undersea business activities at higher levels of sensitivity, Elbit Systems of America said Tuesday.
The new proxy board members are veteran defense sector executives Kenneth Krieg and Brett Lambert, plus retired Navy admiral Timothy Keating. Sparton CEO Bill Toti remains president of Sparton De Leon Springs.
Elbit Systems of America already operates under a special security agreement with the Defense Department so the company can pursue certain classified programs.
Sparton’s Aydin displays and stealth divisions will operate under Elbit Systems of America’s existing security structure.