Herley Industries sells subsidiary to Elbit Systems for $15 million

By Lisa Kerner

Charlotte, N.C., Nov. 11 - Herley Industries, Inc. sold its Innovative Concepts subsidiary to Elbit Systems of America, LLC, a wholly owned subsidiary of Elbit Systems Ltd., for $15 million in cash.

"While ICI is an excellent company, it is a better fit for Elbit, than for Herley, which is primarily a hardware company," Herley chairman and chief executive officer Myron Levy said in a company news release.

"With the sale of ICI and the recently announced acquisition of Eyal Microwave by Herley's subsidiary, General Microwave Israel Corp., we are building on the core strengths of the company and following our strategic plan to become the premier microwave supplier worldwide."

Herley, based in Lancaster, Pa., provides microwave radio frequency and millimeter wave components to defense and commercial customers.

Innovative Concepts is a communications technology development firm specializing in wireless data communications products and services.

Elbit Systems Ltd. is an international defense electronics company located in Haifa, Israel.

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