December 4, 2001
Arotech Corporation, a provider of defense and security products, is acquiring UEC Electronics for Arotech’s Battery and Power Systems Division.
UEC develops and manufactures electronic components, specializing in hybrid power generation systems, smart power subsystems for military vehicles and aircraft and missile systems.
The initial acquisition price included $28 million and 775,000 shares of Arotech’s common stock, a company press release stated.
“UEC is a highly complementary business to our Battery and Power Systems Division. The combination opens up many new market opportunities for us as a combined entity. UEC brings us significant electronic engineering and manufacturing skills which combines very well with our expertise in military and commercial grade battery technology and management systems. In addition, we see very strong sales and marketing synergies as well as the potential to make efficient use of shared resources,” said Robert S. Ehrlich, chairman and CEO of Arotech.