Elad Aharonson, CEO of the Intelligence Division at Elbit Systems, resigned due to disagreements about the expected structural change in the company. The candidate to replace him is – Oren Sabag, VP of Elbit. Under Aaronson’s responsibility is the subsidiary El-Op and the entire UAV field.
Elbit faces a reorganization move in three moves:
The first is the transfer of the entire UAV field as an independent division to the Aircraft Division. The second is a combination of El-Op, a company engaged in electro-optical equipment, and Elisra, which is engaged in electronic warfare (signal intelligence). However, the two companies are not expected to merge. Two separate companies under one management.As far as is known, this is partly due to opposition from the workers’ committees.
In addition, an aircraft division that has developed domesticated armaments and guidance kits (stupid bomb for precision) will be transferred to the Land and IMI Brigade, which is primarily focused on armaments and ground combat systems.
The security company Elbit Systems manufactures and markets technologies for the various security areas, which include technologies for aviation, terrestrial systems, electro-optics and more.
The company, managed by Bezalel (Muddy) Machlis, is traded simultaneously on the Nasdaq and the Tel Aviv Stock Exchange at a value of $ 4.9 billion, after its share has fallen by 27% since the beginning of the year. Elbit’s controlling shareholder is Miki Federman, who owns 44.3% of the company.
Elbit is expected to publish its third quarter 2020 reports this week, and it updated about a month ago that it will have to recognize a $ 60 million decline in asset value and write-offs in these reports, due to the acute crisis in the civil aviation industry against the corona plague.
In the first half of 2020, the company’s revenues totaled $ 2.15 billion, an increase of 3.1% compared to the same period in 2019. Shareholders’ net income amounted to $ 153 million, compared to $ 105 million in the same period last year, and non-GAAP net income (net of various accounting items) reached $ 141 million, compared to $ 130 million in the first half of 2019.
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