Elbit buys Ferranti Technologies

Israeli defence electronics company Elbit Systems has acquired Oldham-based Ferranti Technologies, which supplies bespoke engineering and manufacturing services for defence companies such as Thales, for £15m.

Ferranti Technologies employs 180 staff and posted pre-tax profits of £1.2m and sales of £16m last year. It expects turnover this year to reach £20m.

The current board of directors, which includes Fred Brinksman, Steve Warren, Ken Mills and Terry Scuoler will stay on at the company, and according to Scuoler, there will be no job cuts.

Elbit Systems, based in the northern-Israeli port city of Haifa, has global sales of £1bn.