Rafael Completed Acquisition of 50% of Controp

Rafael Advanced Defense Systems Ltd. completed this week the acquisition of 50% of Controp shares, pursuant to receiving the approval of the Ministers' Committee on Economic and Social Affairs and of the Restraint on Trade Controller. Through this transaction, Aeronautics, which has held18% of the shares of the company, increases its holding to 50%.

Controp, owned by Mr. Shlomo Nir, Mr. Sason Benado, Mr. Eli Ben Aharon and Mr. Ezekiel Ambar, acts in the security and military market since 1988, developing and producing smart electro-optic security and surveillance systems.

Rafael's Chairman, Maj. Gen. (Ret.) Ilan Biran, and CEO, VADM (Ret.) Yedidia Yaari said upon concluding the transaction that Controp has dedicated and professional managers and employees who turned it into a successful company with advanced capabilities in electro-optics.

They also said that Controp will continue to operate as an independent company with engineering, administrative and marketing support from Rafael and Aeronautics, that will enable it to offer comprehensive solutions and advanced systems to the IDF and security organizations as well as to civilian sectors and to its customers abroad.

Avi Leumi, CEO of Aeronautics, also welcomed the combined acquisition and said that Controp's ability to contend with its future challenges and goals will certainly benefit from the support of both Rafael and Aeronautics.
RAFAEL designs, develops, manufactures and supplies a wide range of advanced defense systems. These leading edge products include naval, air and ground precision weapons, electro-optic systems, electronic warfare (EW) systems, Command, Control, Communications, Computers and Intelligence (C4I) systems, acoustic defense systems, armored protection and training systems.

Source: Rafael
Date: Jan 9, 2012