L-3 Completes Divestiture of Marine Systems International Business
May 29 2015 - 8:53AM
Business Wire
L-3 Communications (NYSE:LLL) announced today the completion of
the previously announced sale of its Marine Systems International
(MSI) business to Wärtsilä Corporation for €295 million, after the
assumption by Wärtsilä of approximately €60 million of MSI employee
pension-related liabilities and customary adjustments for closing
date working capital.
“We are pleased to have completed the divestiture of our MSI
business, marking another milestone in our ongoing effort to
reshape our portfolio and strengthen focus on our core businesses,”
said Michael T. Strianese, L-3’s chairman, president and chief
executive officer. “We continue to evaluate additional
portfolio-shaping opportunities that strengthen our ability to
deliver innovative solutions in our core markets, increase the
company’s operating margin, and enhance our future growth profile,
all with a focus on increasing value for our shareholders.”
Based on the terms of the sale and the previously disclosed
forward contract to sell €285 million at a U.S. dollar exchange
rate of approximately $1.08, proceeds from the MSI divestiture
total approximately $318 million, before selling and other
transaction expenses.
Headquartered in New York City, L-3 employs approximately 45,000
people worldwide and is a prime contractor in aerospace systems and
national security solutions. L-3 is also a leading provider of a
broad range of communication and electronic systems and products
used on military and commercial platforms. The company reported
2014 sales of $12.1 billion.
To learn more about L-3, please visit the company’s website at
www.L-3com.com. L-3 uses its website as a channel of distribution
of material company information. Financial and other material
information regarding L-3 is routinely posted on the company’s
website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except for historical information contained
herein, the matters set forth in this news release are
forward-looking statements. Statements that are predictive in
nature, that depend upon or refer to events or conditions or that
include words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates,” “will,” “could” and similar expressions
are forward-looking statements. The forward-looking statements set
forth above involve a number of risks and uncertainties that could
cause actual results to differ materially from any such statement,
including the risks and uncertainties discussed in the company’s
Safe Harbor Compliance Statement for Forward-Looking Statements
included in the company’s recent filings, including Forms 10-K and
10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
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