Israeli defence contractor Elbit Systems Ltd (ESLT.O) (ESLT.TA) said on Tuesday it acquired the remaining 49 percent of subsidiary Kinetics Ltd it did not already own for $110 million in cash.
The amount could increase by up to an additional $8 million depending on Kinetics' 2009 financial results, Elbit said.
Elbit officialy said only that it bought the stake from "minority shareholders", but a source with knowledge of the matter said Kinetics founder Keinan Rafaeli sold the shares to Elbit.
Kinetics' senior management will continue in their present capacities for up to 12 months following the closing.
Israel-based Kinetics and its wholly owned U.S. subsidiary Real-Time Laboratories develop and manufacture products in the field of advanced life support and environmental controls, such as climate control systems, biological and chemical protection systems for combat vehicles.
It also makes other products for land and airborne applications, such as hydraulics, fuel, braking and suspension systems, auxiliary power units for land vehicles and hydraulic systems for aircraft.
Kinetics' main customers are in Israel, Europe and the United States.
The acquisition is in line with Elbit's long-term strategy of growth through acquisitions of companies with high synergistic value, Joseph Ackerman, president and chief executive of Elbit Systems, said in a statem
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