IAI Acquires Greek Company Intracom Defense (Photo IAI)
Israel Aerospace Industries (IAI), has signed a deal to acquire Greek technology defense company Intracom Defense (IDE). The terms of the deal have not yet been disclosed.
And IAI should have plenty of cash on hand for its acquisition of Intracom Defense as the company reported almost $5 billion in sales for 2022. This, said IAI, made last year its best since the company’s inception. IAI also reported 44% growth in net income to approx. $213 million, the highest since it was first founded. Positive cash flows from operating activities were approx. $797 million – 445% higher than in 2021.
The news comes just days after IAI revealed its latest innovation, an unmanned submarine called BlueWhale. BlueWhale is in effect a UAV – drone – but one that can be used under the water. Leave it to Israel and its IAI to innovate something like this. BlueWhale is intended for covert intelligence-gathering operations, to detect submarines and gather acoustic intelligence. It is also equipped with dedicated sonars to enable the detection of both manned and unmanned submarines, and map mines on the seabed.
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IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, hybrid generation, and more. The company is active in Greece and other NATO countries and has defense collaborations with leading companies in the United States and Europe. IDE as a Greek entity will be integrated into IAI’s business activities in Greece and Europe, while providing solutions to the challenges faced by the continent’s countries. After the current acquisition, said IAI, the company’s Greek customers will continue to benefit from the company’s independence, as well as a larger and more widely deployed range of services for new markets.
IAI said that customers will now benefit from the possibility of local production and maintenance on the European continent and from the wide product portfolio that IAI can supply. This includes the most advanced air defense systems which are in great demand through the world. Greece will enjoy the advantages of local industry involvement in upcoming Greek projects in worldwide defense-related procurement programs, and in the positioning of the Greek company as a leader in its field.
IAI’s CEO Boaz Levy said, “The acquisition of INTRACOM DEFENSE strength IAI’s business capabilities in Greece, and in Europe as a whole. The acquisition of IDE will strengthen and widen activities in Greece, and among NATO countries, and help in promoting wide range of solutions that the company can provide. In view of increasing defense needs across Europe, and in response to the ever-increasing demand for air-defense and UAV’s systems– in which IAI is a recognized world-leader. IAI and IDE share a common vision deriving from our uncompromising business desire for the highest-quality solutions, and have thus cooperated on more than one occasion over the last few years.”
