Elbit sells Ferranti Power in UK restructuring
Israeli defence equipment maker Elbit Systems has sold off its Ferranti Power and Control business in Manchester for £9m (E11m, $12m) as part of a restructuring of its UK operations.
The power business has been part of Ferranti Technologies which was bought by Elbit in 2007. It was originally part of the Manchester-based Ferranti group that helped drive the computer and semiconductor industry in the 1970s and 80s but collapsed into bankruptcy in 1993 after the ill-fated merger with scandal hit International Signal and Control in the US.
Elbit is restructuring its UK business to integrate the remaining business of Ferranti Technologies, including training and simulation, avionics, display systems, aircrew survival systems, platform protection and computing, into Elbit Systems UK.
“This reorganization is part of our strategy to focus activities on certain areas in order to support the continuous expansion of our operations and collaborations in the UK,” said Martin Fausset, CEO of Elbit Systems UK.
The sale means Elbit UK now has ten sites employing over 500 people engaged in a range of high tech and specialist manufacturing activities for both military and civilian applications.
It has two joint ventures, delivering the Watchkeeper UAV programme for the British Army and supplying and supporting a fleet of 38 aircraft for the UK MOD Military Flying Training School. Elbit Systems UK was also recently selected by the UK MOD to provide the MORPHEUS Battlefield Management Application for the British Army.
The deal will see Ferranti P&C become part of the UK aerospace and defence business of TT Electronics, adding to the power conversion and power management portfolio.
The UK manufacturing in Manchester provides opportunities for supply chain streamlining and consolidation for many key industry partners. TT says it will invest in the business to accelerate growth prospects and support continued expansion of differentiated engineering capability for the design and development of custom high-reliability power solutions.
“We are delighted to have completed the acquisition of the Ferranti Power and Control business. This represents a significant step and great addition for our power capability,” said Richard Tyson, CEO, TT Electronics. “The organisation is an ideal strategic fit within our existing UK footprint and adds further credibility and significant engineering expertise to our aerospace and defence offering. It’s fantastic to be able to welcome the Ferranti Power and Control team into the TT group.”
Ferranti also had a semiconductor fab in Manchester which became Zetex Semiconductor and was sold to Diodes in 2008.
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