L-3 Completes Sale of National Security Solutions Business
February 01 2016 - 12:57PM
Business Wire
L-3 Communications (NYSE:LLL) announced today that it has
completed the previously announced sale of its National Security
Solutions (NSS) business to CACI International Inc for $550 million
in cash, subject to customary adjustments. NSS provides enterprise
and mission information technology services, intelligence
operations support and operational infrastructure support.
“The completion of the divestiture of NSS reflects our
commitment to sharpening our focus on our core defense electronics,
ISR and communications businesses where we have leading positions
and global reach,” said Michael T. Strianese, L-3’s chairman and
chief executive officer. “As a result, we are even better
positioned to drive organic growth and margin enhancement while
continuing to deliver the innovative solutions that help our
customers meet their goals efficiently and affordably.”
The proceeds from the sale will provide L-3 with additional
flexibility to continue focusing on a disciplined and balanced
capital allocation strategy to drive shareholder value and enhance
the market-leading products and systems the company provides to
customers.
Headquartered in New York City, L-3 employs approximately 38,000
people worldwide and is a leading provider of a broad range of
communication and electronic systems and products used on military
and commercial platforms. L-3 is also a prime contractor in
aerospace systems. The company reported 2015 sales of $10.5
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160201006067/en/
L-3Corporate Communications212-697-1111
L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
From Mar 2024 to Apr 2024
L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
From Apr 2023 to Apr 2024