https://www.gemeinde-stammham.de/destolo/2045 Strategic shift follows the Obama military aid package for Israel
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follow link Israel Aerospace Industries, the country’s top-selling defence group, is on the hunt for takeover targets in the US, according to its chief executive Joseph Weiss. The state-owned company, whose product lines include missiles, air-defence systems, satellites and business jets, plans to expand its US operations in the wake of America’s $38bn, 10-year military aid package for Israel, Mr Weiss said in an interview. The package, the largest of its kind in US history, was agreed last year with President Barack Obama’s former administration, and will give preference to US manufacturers in supplying Israel with military goods. He said that IAI could in time employ “hundreds of people” in the US. “We are looking to do some M&A activity in the US, to buy something.” Mr Weiss added that IAI had begun preliminary work to look for potential acquisitions, but declined to go into details. He said he expected the company to proceed with its plan by 2018. “I am talking about hundreds of millions of dollars,” Mr Weiss said, when asked about what it might pay for its US targets. “This means a big, big move.”
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http://hallsglobal.com/?mikronezia=rencontre-thai-lyon&46e=de IAI already has a subsidiary in the US state of Maryland, Elta Systems, that makes radar systems. Stark Aerospace, based in Mississippi, makes unmanned aerial vehicles, electro-optics, and radar equipment for the Israeli group. Elbit, IAI’s biggest Israeli rival, also has a substantial presence in the US market, where it co-developed a high-tech helmet for Lockheed Martin’s F-35 fighter jet with Rockwell Collins. However, large-scale acquisitions in America would be a big step for IAI, which employs 15,000 people — almost all of them in Israel — and is one of the country’s biggest exporters and employers. “IAI want to produce in the US products whose final destination is the Israel Defense Forces,” said Amir Rappoport, publisher of Israel Defense, a trade publication. “Elbit have [been] doing the same for many years, but selling to the US market.” IAI this year signed two defence contracts worth about $2.5bn with India to develop air defence systems for its army, navy and air force. Some of the development and manufacturing work on the contracts, the biggest defence deal in Israeli history, will be done locally under the “Make in India” policy. The group produces some of the global industry’s advanced weaponry, including the Arrow 3 air defence system — co-developed with Boeing — that can intercept ballistic missiles in the stratosphere. However, the group’s earnings, relative to its size, lag behind both those of Elbit, which is publicly traded, and Rafael Advanced Defense Systems, the state-owned company that makes the rocket defence system Iron Dome. IAI reported a net loss of $110m last year and sales of $3.6bn, attributing the loss primarily to the costs of sending about 800 employees on early retirement. Mr Weiss said that he would like to see Israel’s rightwing government follow through long-mooted plans to float a minority share in IAI and other state-owned companies. “To put out to the public less than 50 per cent of the company would support company interests,” he said. “It would enhance dramatically the flexibility of my management”. One area of “friction” he said, was the constraints placed on the salary IAI can pay its top-performing employees. Competition for engineers and other tech workers is intense in Israel because of a shortage of candidates and high demand.Discover More