L-3 Agrees to Acquire Micreo Limited
September 07 2016 - 12:05PM
Business Wire
– Leader in the Design and Manufacture of
Electronic Warfare (EW) Subsystems Utilizing High-Performance
Microwave, Millimeter Wave and Photonic Technology –
L-3 Communications (NYSE:LLL) announced today that it has
entered into a contract to acquire Micreo Limited, a specialized
Electronic Warfare subsystems provider in Australia. The
acquisition is expected to be completed during September 2016
following the satisfaction of standard closing conditions.
Following the acquisition, Micreo Limited will be integrated into
the Electronic Systems Segment and will be renamed L-3 Micreo.
Micreo is projected to generate AUD$35 million (USD$27 million) in
sales for the year ending December 31, 2017 and to be accretive to
L-3’s earnings.
Based in Brisbane, Australia, Micreo specializes in solutions
that utilize high-performance microwave, millimeter wave and
photonic technology that complements L-3’s wide range of sensors
and will strengthen L-3’s development of future products in the
higher EW RF bandwidth. The company’s unique, patented products are
market-ready for ISR and EW applications, and it currently supports
a variety of airborne, land and security programs in Australia. The
business also has counter-IED capabilities that will specifically
enhance L-3’s existing range of man-portable and vehicle electronic
counter measures (ECM) equipment. Micreo has approximately 70
employees.
“As part of L-3, Micreo will expand our technical expertise and
offerings, providing immediate synergies with L-3 products as well
as adjacent growth opportunities across our existing business,”
said Michael T. Strianese, L-3’s Chairman and Chief Executive
Officer. “Importantly, this addition will help drive L-3’s
international growth, while providing cross-selling opportunities
in key markets.”
“L-3 Micreo will enhance our core business in Australia,
supporting multiple L-3 segments,” added Christopher E. Kubasik,
L-3’s President and Chief Operating Officer. “In addition to our
ongoing SATCOM, Maritime, Warrior Systems, Aviation and aircraft
modification programs, Micreo will add new in-country resources for
our growing customer base in Australia and the Asia-Pacific
region.”
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 1995
Except 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,”
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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
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Statement for Forward-Looking Statements included in the company’s
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as of the date made, and the company undertakes no obligation to
update these forward-looking statements.
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