Yitzhak Aharonovitch, Chairman of IMI Systems Ltd and its subsidiary Ashot Ashkelon

IMI Systems announced today that Yitzhak Aharonovitch will serve as the Chairman of Ashot Ashkelon as well. The board of Directors of Ashot Ashkelon elected Yitzhak Aharonovitch as its chairman.
Aharonovitch serves as the chairman of IMI Systems for several months and additionally will serve as the Chairman of Ashot Ashkelon. The appointment requires the approval of the committee for the appointment of senior officials and the ministers of Defense and Finance.
Ashot Ashkelon which marks 50th anniversary of its founding in 1967 is a public company under the management of Brigadier General (Res.) Michael Dayan. The company owned by IMI Systems and the public is traded on the Tel Aviv Stock Exchange and is a subsidiary of IMI Systems.
Located in Ashkelon the company employs approximately 500 employees (including its subsidiary in the US) and specializes in propulsion systems and spare parts for armored combat vehicles, along with the development and manufacture of aviation components including Tungsten (heavy metal) products. The company is selling about 40% of its sales scope to leading aviation and heavy vehicles manufacturers abroad.
Ashot Ashkelon’s subsidiary, Reliance Gear Corp., is located in Chicago functioning as the company’s arm in the US market. The company specializes in the production of special gears and reconstruction of gears for the production of spare parts. The company serves local customers in the US as well as the parent company.