Early years – A division within Elron
Elbit Systems was founded in 1966 by Elron Electronic Industries , which combined the existing expertise within the Israel Ministry of Defense-Research Institute in special computer design with Elron's experience in electronic product design, manufacture and management .
Elbit steadily expanded developing and producing logistic-support weapon delivery and navigation systems for most Israeli aircraft, establishing a combat avionics package for the IAI Lavi fighter aircraft, and producing a fire-control system for the Merkava tank.
1996 IPO on NASDAQ
In 1996, Elbit spun off into three independent companies:
Elbit Medical Imaging – During 1999 to 2000 Elscint and Elbit Medical Imaging sold their imaging activities to General Electric Medical Systems and to Picker for approximately $600 million.
Elbit Systems – Created as the defence electronics arm of Elbit, the company had an initial public offering on the NASDAQ stock market with the symbol NASDAQ:ESLT and finished its first day of trading at a price of $7.75. Elbit Systems has a market cap of over $5 Billion.
Elbit – which focused on communications activities and in 1999 led the consortium that founded Partner Communications Company, Israel's first GSM operator NASDAQ PTNR. In 2002, Elbit was merged into Elron. Elron sold its shares in Partner during 2003–2006 for approximately $160 million.
Merger with El-Op
In 2000, Elbit Systems merged with El-Op , creating the largest non governmental defense electronics company in Israel and increasing Elbit Systems' value which later in 2004, enabled Elron to sell its shares in Elbit Systems for approximately $200 million. Following the merger with El-Op, Michael Federmann became the largest shareholder in the combined group.
Growth by acquisition
Following the merger with El-Op, Michael Federmann and CEO Joseph Ackerman led an aggressive growth by acquisitions strategy.
The company acquired companies, including:
Shiron Satellite Communications
Assets of Israel Military Industries’ Aircraft Systems Division
Innovative Concepts, Inc.
Mikal Ltd Elbit subsequently announced a cash tender offer for the 12.15% remainder of ITL held by the public.
In October 2014, Elbit Systems won a $12.7 million contract for the supply and provision of Apache Aviator Integrated Helmets for the US Army helicopter fleet. The contract would be delivered over a two-year period.On March 22, 2018, Elbit Systems and Universal Avionics announced today that Elbit "is in the process of completing the acquisition of the privately owned U.S. company Universal Avionics Systems Corporation through an asset acquisition agreement." The deal is expected to close “in the coming weeks.”
In the year of 2019, Elbit Systems purchased the night vision business of Harris Corp. for $350 million when Harris merged with L3.In April 2019, Elbit Systems announced that it had partnered with DA-Group to produce and advertise its anti-jamming devices for global navigation satellite systems.In August 2019, Elbit Systems won an IMOD contract to install the Iron Fist active protection system on the IDF's new Eitan AFV and the IDF's fleet of armored D9 bulldozers.In April 2021, the Australian Army directed that Elbit's battlefield management system be withdrawn from use by 15 May. The Australian Broadcasting Corporation reported that this action was taken due to concerns about the system's security. An Australian Financial Review columnist stated that the security problems comprised "a “backdoor” security vulnerability reportedly uncovered by the Australian Signals Directorate". The Australian Defence Magazine also reported that the system had failed two security milestones during 2020. Elbit denied that the system posed any security risks.
Mr. Yehuda Vered (Exec. VP & GM of Land Division)
Mr. Ran Kril (Exec. VP of International Marketing & Bus. Devel.)
Dr. Yaacov Kagan (Exec. VP & CFO)
Mr. Yuval Ramon (Exec. VP & COO)
Rami Myerson (Director of Investor Relations)
Mr. Yehoshua Yehuda (Exec. VP of Strategy & CTO)
Mr. David Block Temin (Exec. VP, Chief Compliance Officer & Sr. Counsel)
Recognition and Awards
Mr. Bezhalel Machlis (Pres & CEO)
Mr. Yoram Shmuely (Exec. VP & GM of Aerospace Division)
Mr. Joseph Gaspar (Sr. Exec. VP of Bus. Management)