Israel has finalized the sale of state-owned IMI Systems, maker of the Uzi submachine gun, to defense company Elbit Systems for $495 million, Elbit said Sunday.

The government began the process of privatizing IMI Systems, formerly known as Israel Military Industries, in 2013.

The firm manufactures the iconic Uzi submachine gun and the Galil assault rifle. It also makes armored vehicles and trains security agents.

The $495 million price will be supplemented by a further $27 million if IMI meets agreed performance goals, Elbit said in a statement.

Israeli Prime Minister Benjamin Netanyahu welcomed the completion of the deal.

“Today we are at the end of a long and important process that began several years ago,” Netanyahu said in a statement.

“The sale of IMI to Elbit will facilitate the advancement of the Israeli defense industry, will leverage Israel’s technological abilities, and will increase defense exports. All of these will directly contribute to the Israeli economy.”

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 realize the potential of the technologies of IMI in the international arena.”

Israel was the world’s sixth-largest defense exporter in 2017, according to industry analysts IHS Markit.

– With reporting from Agence France-Presse