Elbit Systems Sells Power And Control Business Of Ferranti In The UK For $12M

Elbit Systems Ltd ESLT U.K. subsidiary, Elbit Systems UK Ltd., sold the Power and Control Business of its subsidiary Ferranti Technologies Ltd to TT Electronics TTGPF for ~$12 million in cash.
Elbit Systems plans to integrate the remaining business of Ferranti, including training and simulation, avionics, display systems, aircrew survival systems, platform protection, and computing, into Elbit Systems UK.
The company noted the reorganization as part of its strategy to focus activities on specific areas to support expanding operations and collaborations in the U.K.
Price Action: ESLT shares closed higher by 0.49% at $176.89, and TTGPF higher by 5.86% at $3.25 on Friday.