Jerusalem - Israel has finalised the sale of state-owned IMI Systems, maker of the Uzi submachine gun, to defence firm Elbit Systems for some $495 million, Elbit said yesterday. The government began the process of privatising IMI Systems, formerly known as Israel Military Industries, in 2013. The firm manufactures the iconic Uzi submachine gun and the Galil assault rifle. "The sale of IMI to Elbit will facilitate the advancement of the Israeli defence industry, will leverage Israel's technological abilities, and will increase defence exports. Elbit CEO Bezhalel Machlis said "the synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us ... to realise the potential of the technologies of IMI in the international arena".

Source: Philippine Star November 25, 2018 18:11 UTC