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January 3, 1997updated 05 Sep 2016 12:35pm

ELBIT SELLS STAKE IN FOXBORO CO

By CBR Staff Writer

Elbit Ltd has sold a 51% stake in Elbit ATI (1992) Ltd to Siebe Plc’s Foxboro Co. Elbit will receive about $2.1m in exchange for 25% of ATI’s shares, from which it will pay $0.5 million for ownership of the technology used by ATI. Foxboro also gets a call option starting March 31 2002 for three months to buy Elbit’s other 25% of ATI. the company opened for business in 1993 and develops applications of Nuclear Magnetic Resonance technology for use in process control applications for the petrochemical sector.

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